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During 2022, its first year of operations as a delivery service, Concord Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $181,000 in cash. 2. Borrowed $54,000 by issuing bonds. 3. 4. 5. 6. 7. 8. 9. Purchased delivery trucks for $60,000 cash. Received $17,000 from customers for services performed. Purchased supplies for $5,800 on account. Paid rent of $4,800. Performed services on account for $11,000. Paid salaries of $29,300. Paid a dividend of $10,700 to shareholders.

During 2022, its first year of operations as a delivery service, Concord Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $181,000 in cash. 2. Borrowed $54,000 by issuing bonds. 3. 4. 5. 6. 7. 8. 9. Purchased delivery trucks for $60,000 cash. Received $17,000 from customers for services performed. Purchased supplies for $5,800 on account. Paid rent of $4,800. Performed services on account for $11,000. Paid salaries of $29,300. Paid a dividend of $10,700 to shareholders.

FINANCIAL ACCOUNTING
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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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 3-4 for example) (1) US € 5 (6) (7) (9) Cash Accounts +Receivable 00 TOUU Assets Supplies BIOT + Equipment
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, see Illustration 3-4 for example) (1) US € 5 (6) (7) (9) Cash Accounts +Receivable 00 TOUU Assets Supplies BIOT + Equipment
Current Attempt in Progress During 2022, its first year of operations as a delivery service, Concord Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $181,000 in cash. 2. Borrowed $54,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $17,000 from customers for services performed. Purchased supplies for $5,800 on account. Paid rent of $4,800. Performed services on account for $11,000. Paid salaries of $29,300. Paid a dividend of $10,700 to shareholders. 5. 6. 7. 8. 9. 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, Liabilitles 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 3-4 for example) (1) Cash $ Accounts +Receivable Assets Supplies + Equipment
Transcribed Image Text:Current Attempt in Progress During 2022, its first year of operations as a delivery service, Concord Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $181,000 in cash. 2. Borrowed $54,000 by issuing bonds. 3. Purchased delivery trucks for $60,000 cash. 4. Received $17,000 from customers for services performed. Purchased supplies for $5,800 on account. Paid rent of $4,800. Performed services on account for $11,000. Paid salaries of $29,300. Paid a dividend of $10,700 to shareholders. 5. 6. 7. 8. 9. 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, Liabilitles 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 3-4 for example) (1) Cash $ Accounts +Receivable Assets Supplies + Equipment
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