Groro co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) equipment worth $80,000, and (3) to assume responsibility for a $28,000 note payable related to the equipment.
(a) analyze the transaction using the accounting equation.
(b) prepare general journal entries for the above transactions.
(c) post the entry using t-accounts to represent ledger accounts.