Grant Helton started a consulting business, Grant Consulting, on January 1, Year 1, and the business engaged in the following transactions during the year:Issued $40,000 of common stock for cashProvided services on account, $46,500Incurred $37,500 of operating expense, but only paid $32,000 of this amountCollected $39,000 of the revenue that was previously recorded on accountPaid a cash dividend of $4,000 to the stockholdersRequired:Show the effects of the above transactions on the accounting equation.

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The Answer of Grant Helton started a consulting business, Grant Consulting, on January 1, Year 1, and the business engaged in the following transactions during the year:Issued $40,000 of common stock for cashProvided services on account, $46,500Incurred $37,500 of operating expense, but only paid $32,000 of this amountCollected $39,000 of the revenue that was previously recorded on accountPaid a cash dividend of $4,000 to the stockholdersRequired:Show the effects of the above transactions on the accounting equation.

Grant Helton Started a Consulting Business, Grant Consulting, on January