2023 Exercise 3 3 During 2017 its first year of operations as a delivery service | Assignments Online
2023 Exercise 3 3 During 2017 its first year of operations as a delivery service | Assignments Online
Assignments Online 2023 Business Finance
Exercise 3-3
During 2017, its first year of operations as a delivery service, Flounder Corp. entered into the following transactions.
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1. |
Issued shares of common stock to investors in exchange for $137,000 in cash. |
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Borrowed $55,000 by issuing bonds. |
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Purchased delivery trucks for $63,000 cash. |
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Received $18,000 from customers for services performed. |
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Purchased supplies for $6,600 on account. |
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Paid rent of $5,900. |
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Performed services on account for $10,700. |
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8. |
Paid salaries of $26,700. |
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9. |
Paid a dividend of $11,500 to shareholders. |
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders’ Equity in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced, see Illustration 3-3 for example.)
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Assets |
= |
Liabilities |
+ |
Stockholders’ Equity |
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Cash |
+ |
Accounts Receivable |
+ |
Supplies |
+ |
Equipment |
= |
Accounts Payable |
+ |
Bonds Payable |
+ |
Common Stock |
+ |
Retained Earnings |
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Revenues |
– |
Expenses |
– |
Dividends |
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(1) |
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(9) |
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$ |
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