Joel Henry founded Bookmart at the beginning of August, which sells new and used books online.

Joel Henry founded Bookmart at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. Joel by preparing the accounting equation effects for the following transactions. (Enter any decreases to account balances with a minus sign. ) a)The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. B)Joel’s business bought $7,000 worth of inventory from a publisher. The company will pay the publisher within 45–60 days. C)Joel’s friend Sam lent $4,000 to the business. Sam had Joel write a note promising that Bookmart would repay the $4,000 in four months. Because they are good friends, Sam is not going to charge Joel interest. D)The company paid $1,500 cash for books purchased on account earlier in the month. E)Bookmart repaid the $4,000 loan established in (c)