Transactions made by Kingbird, Inc., akaw firm, for the month of March are as follows. 1. 2. 3. 4. The company performed $21,500 of services for customers, on credit. The company received $21,500 in cash from customers who had been billed for services (in transaction 1). The company received a bill for $3,900 of advertising, but will not pay it until a later date. The company paid a dividend of $8,000 in cash to stockholders. Prepare a tabular analysis that shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis (15,000).) (1) $ Cash Assets Accounts Receivable Liabilities Accounts Payable $ $ Common Stock SUPPORT

Transactions made by Kingbird, Inc., akaw firm, for the month of March are as follows. 1. 2. 3. 4. The company performed $21,500 of services for customers, on credit. The company received $21,500 in cash from customers who had been billed for services (in transaction 1). The company received a bill for $3,900 of advertising, but will not pay it until a later date. The company paid a dividend of $8,000 in cash to stockholders. Prepare a tabular analysis that shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g.-15,000 or parenthesis (15,000).) (1) $ Cash Assets Accounts Receivable Liabilities Accounts Payable $ $ Common Stock SUPPORT

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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