Question

132 points) Based on the following transactions, complete the table shown below Ashareholder paid United Corporation $50,000 cash for share capital in the business b. A client rented equipment for $1.100 cash c. United Corporation collected $1.500 for commissions samed lodiny d. Furniture was rented by a customer for $1.200 cash United Corporation bought 54.250 of equipment using $1.000 cash and $3.250 on account 1.5800 of commissions were comed and collected today by United Corporation United Corporation collected $5,000 for commissions came today h. Paid biwe salaries of $5,250 1.51.100 of commissions were earned and collected today by United Corporation - United Corporation paid dividends of $2400 to the shareholders a) To complete the table shown below, identify the headings account names) for each column by clicking on the appropriate cell and making a selection Use additions and subtractions sign) to show the transactions effects on the elements of the equation indicate next to each change in equity in the explanation column whether it was caused by the issuance of share capital (Investment), a revenue an expense of payment of dividends. Identify revenues and expenses by name of a transaction does not affect equity, no explanation is required. Calculate the total balance for each column (no sign is required for total) Share Capital Retained Earnings Pes2633383 b) Prove the accounting equation by calculating to Total assets Accounting equation asses and comparing to the roof l - Tous l es and out e s plus equity. Please make sure your final answers are accurate to the nearest whole number Search or type URL

Answer 1

a)

	Assets			=	Liabilities		Equity			Explanation
		+		=		+	Share Capital	+	Retained Earnings
a			50000				50000			Issuance of share capital
b			1100						1100	Equipment rent income
c			1500						1500	Commissions earned
d			1200						1200	Furniture rent income
e	4250		-1000		3250
f			800						800	Commissions earned
g			5000						5000	Commissions earned
h			-5250						-5250	Salaries expense
i			1100						1100	Commissions earned
j			-2400						-2400	Dividend paid
Bal.	4250	+	52050	=	3250	+	50000	+	3050

b)

	Total Assets	=	Total Liabilities and Equity
Accounting Equation:	56300	=	56300
	=4250+52050		=3250+50000+3050