Consider the following transactions for Thomas Company and their effect ont he accounting equation. Determine the new balance for each component of the accounting equation from the transactioon. If an amount box does not require an entry, leave it blank.1. Investment in the business= $17,010 2. Borrow cash= $7620
3. Purchase equipment= the list price was $8700 but the final price was $8300
4. Revenues earned = $298,600, the cash has been collected from the customers for all revenue earned
5. Expenses incurred= total $210,900 during the same year, all expenses paid in cash
6. Dividens= end of each quarter, the company distributed cash to stockholders, the sum of those quarterly distributions was $15,000
Transaction Assets =Liabilities Stockholders' Equity
Beginning $0 $0 $0
1. Investment in the business $17,010
2. Borrow cash $7620
3. Purchase equipment
4. Revenues earned
5. Expenses incurred
6. Dividends