1.2.3.4.5.6.7.8.9.10.11.$$Cash11,000-4,000-400-5004,200-1,400-1,000-140130$AccountsReceivableii8801750Assets$$Suppliesi500500$$Equipmenti4,000iii4,000$$LiabilitiesAccountsPayablei$$CommonStock11,000i400i350i1,4001,000140i11,000$RevenuesStockholders' Equityii4,2008805,080$$Retained EarningsExpensesi40010001401890$Dividendsi400i4,2001,000140i3,190 Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows.1. Stockholders invested $11,000 cash in the business in exchange for common stock.Purchased equipment for $4,000 cash.Paid $400 cash for May office rent.2.3.4.5.6.7.8.9.10.11.Paid $500 cash for supplies.Incurred $350 of advertising costs in the Beacon News on account.Received $4,200 in cash from customers for repair service.Declared and paid a $1,400 cash dividend.Paid part-time employee salaries $1,000.Paid utility bills $140.Performed repair services worth $880 on account.Collected cash of $130 for services billed in transaction (10).

The accounting equation is a mathematical representation of financial transactions. The accounting…

10. Cash 11,000 -4.000 -400 -500 4,200 -1,400 -1.000 -140 Accounts Receivable 850 Assets Supplies 500 Equipment 4,000 Liabilities Accounts Payable + Common Stock 11,000 400 I 350 1 1,400 1,000 140 Revenues Stockholders' Equity 4,200 880 Retained Earnings Expenses 400 I 1000 140 Dividends 400 4,200 1,000 140 A

10. Cash 11,000 -4.000 -400 -500 4,200 -1,400 -1.000 -140 Accounts Receivable 850 Assets Supplies 500 Equipment 4,000 Liabilities Accounts Payable + Common Stock 11,000 400 I 350 1 1,400 1,000 140 Revenues Stockholders' Equity 4,200 880 Retained Earnings Expenses 400 I 1000 140 Dividends 400 4,200 1,000 140 A

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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