Verizon LTE Done WileyPLUS 7:31 AM a edugen.wileyplus.com Nona Curry started her
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Verizon LTE Done WileyPLUS 7:31 AM a edugen.wileyplus.com Nona Curry started her own coraueng firm, Shamrock-Inc., on May 1, 2017·The folong transacbons occurred during the month of May Stockholders invested $21,375 cash in the business in eschange for common stock Poid $555 for n the County Received $1.995 cash for services performed. " Paid $285 5 Performed $5,985 of cash dividend on account Paid for the supplies punchased on account on May 3 Received a cash payment of $1,730 for services performed on account on May 5 Borrowed $7,125 from the bank on a nate payable. Puchied office equipment for $2,850 paying $285 in cash and the balance on accont. Show the effects of the above transactions on the accounting equation ssing the following format. Assume the note Equity, place a particulaw Asset, Liability or Equity itew that was reduced. See EMustration 3-3 for example The parts of this question must be completed in order. This part w be avalable when you complete the part The parts of this question must be completed in order This part will be avalable when you complete the partExplanation / Answer
Assets = Liabilities + Common Stock
= 26,036+4275+712+2850 = 7125+2565+21375+7980-4887-285
= 33,873 = 33,873
So,
Assets = Liabilities + Common Stock
Date Cash AR Supplies Equipment Notes Payable AP Common Stock Revenues Expenses Dividends May 1 21,375 21,375 2 -855 -855 3 712 712 5 -214 -214 9 1995 1995 11 -285 -285 15 5985 5985 17 -3562 -3562 20 -712 -712 29 1710 -1710 30 7125 7125 30 -285 2850 2565 30 -256 -256 Bal 26,036 4,275 712 2,850 7,125 2,565 21,375 7,980 -4887 -285Related Questions
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