During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions. 1. 2. 3. 4. 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 revenues or expenses in the right-hand margin. (If a transaction results in 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) Issued shares of common stock to investors in exchange for $90,000 in cash. Borrowed $40,500 by issuing a note. Purchased delivery trucks for $54,000 cash. Performed services for customers for $14,400 cash. Purchased supplies for $4,230 on account. Paid rent of $4,680. Performed services on account for $9,000. Paid salaries of $25,200. Paid a dividend of $9,900 to shareholders. (2) $ Cash $ Accounts Receivable Assets + $ Supplies $ Equipment During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions.Issued shares of common stock to investors in exchange for $90,000 in cashBorrowed $40,500 by issuing a notePurchased delivery trucks for $54.000 cashPerformed services for customers for $14,400 cashPurchased supplies for $4,230 on account.Paid rent of $4,680.Performed services on account for $9,000.Paid salaries of $25,200.Paid a dividend of $9.900 to shareholders1.23.4.57.89.Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes torevenues or expenses in the right-hand margin. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place anegative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced)(1)(2)$CashAccounts Receivable.AssetsSuppliesEquipment

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Description: During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Using the following tabular analysis, show the effect of each transaction on the accounting equation.

Accounting equation is the basic equation which is prepared by the entity to determine if the sum of…

Answered: During 2022, its first year of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions. 1. 2. 3. 4. 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 revenues or expenses in the right-hand margin. (If a transaction results in 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) Issued shares of common stock to investors in exchange for $90,000 in cash. Borrowed $40,500 by issuing a note. Purchased delivery trucks for $54,000 cash. Performed services for customers for $14,400 cash. Purchased supplies for $4,230 on account. Paid rent of $4,680. Performed services on account for $9,000. Paid salaries of $25,200. Paid a dividend of $9,900 to shareholders. (2) $ Cash $ Accounts Receivable Assets + $ Supplies $ Equipment

During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions.
Issued shares of common stock to investors in exchange for $90,000 in cash
Borrowed $40,500 by issuing a note
Purchased delivery trucks for $54.000 cash
Performed services for customers for $14,400 cash
Purchased supplies for $4,230 on account.
Paid rent of $4,680.
Performed services on account for $9,000.
Paid salaries of $25,200.
Paid a dividend of $9.900 to shareholders
1.
2
3.
4.
5
7.
8
9.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to
revenues or expenses in the right-hand margin. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a
negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced)
(1)
(2)
$
Cash
Accounts Receivable.
Assets
Supplies
Equipment

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