E2-10 Analyzing Accounting Equation Effects, Recording Journal Entries, and Summarizing Financial Statement Impact [LO 2-2, LO 2-3, LO 2-4] Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $1,600. Supplier intends to deliver later in the month. b. Purchased equipment that cost $21,000; paid $6,000 cash and signed a promissory note to pay $15,000 in one month. c. Negotiated and signed a one-year bank loan, and then deposited $5,000 cash in the company's checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $9,000 cash from the company's owners in exchange for issuing common shares. f Supplies [ordered in (a)] were received, along with a bill for $1,600. 2-10 Part 2 Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…