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Assignment 1.
The seaside Humane Society has performed the following transactions. Summarize the transactions using the accounting equation.
Transaction A. A generous cash donation of $25,000 was received.
Transaction B. The Society purchased a new piece of medical equipment (an asset) for $10,000 and will pay for it in 90 days, creating a liability.
Transaction C. Payroll was distributed, resulting in a decrease of cash in the amount of $2,000.
What are the balance sheet totals after these transactions, assuming the Society had beginning balance of zero?
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