complete the rest of the empty boxes, i still need help 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). Transaction Assets|1234567891011TotalCashAccountsReceivable11000 +-(4,000) +-(400) +-(500) +-(350)4200+-|+|-(1,400) +-(1,000) +-(140) +-+880+ (130)1307540 +750+ Supplies + Equipments =+-+-+-+500|+|-+-|+|-+-+-+-+-+ 500ExplanationAssets = Liabilities + Stockholders Equity+ 4000+-+-+-+-|+|-|+|-|+|-|+|-+-+ 4000Common CommonStockStockRevenue +・・・▪▪▪▪▪▪▪»»E-EI1100011000Retained Earnings+ Revenue - Expenses-+-|+-+-+-+-+4200+-+-|+|-+880+-+5080-400--350--▬▬1000140--Liabilities1890IIStockholdersEquityDividends14001400

Accounting Equation: It is the fundamental equation which states thatAssets = Liabilities+Equity…

Transaction Assets |1 2 3 4 5 6 7 8 9 10 11 Total Cash Accounts Receivable 11000 +- (4,000) +- (400) +- (500) +- (350) +- 4200 (1,400) +- (1,000) +- (140) +- |- +- +880 130 +(130) 7540 +750 + Supplies + Equipments = T +- +- + 500 |+|- |+|- |+|- +- +- +- +- +500 Explanation Assets = Liabilities + Stockholders Equity +4000 +- +- +- +- +- +- +- +- |+|- +4000 Common Common Stock Stock Revenue + EI # 11000 11000 Retained Earnings +Revenue-Expenses- +- +- +- |+|- |+|- +4200 + |+|- +- +- +880 +- +5080 400 -- 350 -- ▬▬ 1000 140 -- Liabilities Equity 1890 Dividends 1400 1400

Transaction Assets |1 2 3 4 5 6 7 8 9 10 11 Total Cash Accounts Receivable 11000 +- (4,000) +- (400) +- (500) +- (350) +- 4200 (1,400) +- (1,000) +- (140) +- |- +- +880 130 +(130) 7540 +750 + Supplies + Equipments = T +- +- + 500 |+|- |+|- |+|- +- +- +- +- +500 Explanation Assets = Liabilities + Stockholders Equity +4000 +- +- +- +- +- +- +- +- |+|- +4000 Common Common Stock Stock Revenue + EI # 11000 11000 Retained Earnings +Revenue-Expenses- +- +- +- |+|- |+|- +4200 + |+|- +- +- +880 +- +5080 400 -- 350 -- ▬▬ 1000 140 -- Liabilities Equity 1890 Dividends 1400 1400

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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