Question

Number Alignment Font E Inc. was organized by two friends on March 1,2014. They start the company with $50,000 of their own money. tollowing transactions occurred during the first month of operations: pare a table to summarize the following transactions as they affect the accounting equation r your answers in the ORANGE rows March 2 Purchases of supplies on account for $1,000 March 7. Services provided on account of $2.000 March 12 Purchase of equipment for cash of $4,000 March 19. Services provided for cash of $15000 March 20 Signs a promissory note for $2,500 (cash is recelved from someone in exchange for a note saying you promise to pay it back to them) March 22 Payment of dividends to shareholders of $1000 cash March 26: Sale of capital stock in exchange for a parcel of land, the land is appraised at $50,000 in other words, an investor gives land to the company, in exchange for stock in the company) March 29 Payment of $4,000 in salaries and wages March 30: Payment of open account in the amount of $500 March 31: Collections on account of $800 ACME INC. TRANSACTIONS FOR THE MONTH OF MARCH 2014 Assets Capital Stock Accounts Capital Accounts Notes Date Cash Receivable LandEquipment Supplies Payable Payable Balance so $0 s0 SO $0 $0 $0 $0 $0$0 $0 $0 $0$0 S0 $0 $0 $0 $o 3/2 s0 $0 s0 $0 S0 $0 S0 Balance $0 $0 $0 3/12 Balance $0 $0 s0 $0 $0 $0 3/19 S0 $0 $0 Balance $0 S0 $0 $0 РЗ-ЗА

Answer 1

	Effect of transactions on balance sheet will be as follows:
		Assets					=	Liabilities		+	Stockholders' Equity
	Date	Cash	Accounts Receivable	Land	Capital Equipment	Supplies		Accounts Payable	Notes Payable		Capital Stock	Dividends Paid	Retained Earnings
	1-Mar	$50,000									$50,000
	2-Mar					$1,000		$1,000
	7-Mar		$2,000										$2,000
	12-Mar	($4,000)			$4,000
	19-Mar	$15,000											$15,000
	20-Mar	$2,500							$2,500
	22-Mar	($1,000)										($1,000)
	26-Mar			$50,000							$50,000
	30-Mar	($500)						($500)
	31-Mar	$800	($800)
	Total	$62,800		$50,000		$1,000		$500		$0		($1,000)