Current Attempt in Progress During 2025, its first year of operations as a delivery service, Crane Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. Borrowed $38,000 by issuing bonds. Purchased delivery trucks for $55,000 cash. Received $17,000 from customers for services performed. Purchased supplies for $6,700 on account. Paid rent of $6,000. Performed services on account for $10,400. Paid salaries of $29,600. Paid a dividend of $10,500 to stockholders. 2. 3. 4. 5. 6. 7₁ 8 9.
Current Attempt in Progress During 2025, its first year of operations as a delivery service, Crane Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $115,000 in cash. Borrowed $38,000 by issuing bonds. Purchased delivery trucks for $55,000 cash. Received $17,000 from customers for services performed. Purchased supplies for $6,700 on account. Paid rent of $6,000. Performed services on account for $10,400. Paid salaries of $29,600. Paid a dividend of $10,500 to stockholders. 2. 3. 4. 5. 6. 7₁ 8 9.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.)
(1) $
(2)
(3)
(4)
(5)
Cash
Accounts
Receivable
Assets
Supplies
Equipment
Transcribed Image Text:Current Attempt in Progress
During 2025, its first year of operations as a delivery service, Crane Corp. entered into the following transactions.
1. Issued shares of common stock to investors in exchange for $115,000 in cash.
Borrowed $38,000 by issuing bonds.
Purchased delivery trucks for $55,000 cash.
Received $17,000 from customers for services performed.
Purchased supplies for $6,700 on account.
Paid rent of $6,000.
Performed services on account for $10,400.
Paid salaries of $29,600.
Paid a dividend of $10,500 to stockholders.
2.
3.
4.
5.
6.
7.
8.
9.
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