Effects of Transactions on Balance Sheet Items
Show the Effect

Effects of transactions on balance sheet items
Show the effect of each of the seven listed transactions on the balance sheet items of Distinctive Draperies. Indicate the new balances after the transaction of May 2 and each subsequent transaction. The effects of the May 1 transaction are already filled in to provide you with an example.
$$\begin{array} { | r | r | l | } \hline \text { May } & 1 & \text { Issued capital stock for } \$ 75,000 \text {. } \\\hline & 2 & \begin{array} { l } \text { Purchased a small office building at a price of } \$ 58,000 \text { for the land and } \$ 65,000 \text { for } \\\text { the building. Paid } \$ 43,000 \text { cash and signed a note payable for the balance. }\end{array} \\\hline & 8 & \text { Borrowed } \$ 15,000 \text { from the bank. Signed a } 60 \text {-day note payable for this amount. } \\\hline &16 & \begin{array} { l } \text { Purchased copying machines, computers, and other office equipment for } \$ 19,000 . \\\text { Paid } \$ 9,000 \text { cash and signed a note payable for the balance. }\end{array} \\\hline& 28 & \begin{array} { l } \text { Sold an item of office equipment (computer) to a stockholder at its cost of } \$ 2,800 \\\text { The stockholder paid } \$ 800 \text { cash and promised to pay the balance within } 30 \text { days. }\end{array} \\\hline& 30 & \text { Paid } \$ 5,000 \text { on the liability for the office equipment. } \\\hline &31 & \text { Collected } \$ 500 \text { from the stockholder who had bought the computer. } \\\hline\end{array}$$