Answer:
See below
Explanation:
Assets =
Liabilities + Stockholder's equity
Accounts receivables $34,000(+)
Revenue $34,000(+)
Cash $26,000(+)
Accounts receivables $26,000(-)
Bike equipment $19,000(+) Notes payable $19,000(+)
Cash $3,400(-)
Retained earnings $3,400(-)
The first transaction increases asset(account receivable) by $34,000 while revenue(stockholder's equity) increased by the same amount
The cash receipt of $26,000 increases assets cash by $26,000 and decreases an asset , account receivable by the same amount
The purchase of an asset by note payable increases asset, bike equipment by $19,000 while liabilities note payable also increases by $19,000
The payment of utilities for $3,400 decreases asset cash by $3,400 while stockholder's equity retained earnings decreases by same amount.
