Question

Current Attempt in Progress During 2017, its first year of operations as a delivery service, Concord Corporation entered into the following transactions. 1. 2 3. 4. 5. Issued shares of common stock to investors in exchange for $181,000 in cash. Borrowed $54,000 by issuing bonds. Purchased delivery trucks for $60,000 cash. Received $17.000 from customers for services performed. Purchased supplies for $5,800 on account. Paid rent of $4.800 Performed services on account for $11,000 Paid salaries of $29,300. 9. Paid a dividend of $10,700 to shareholders. 6. 7. 8. Using the following tabular analysis show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the far right column. (If a transaction causes 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, see Illustration 3-3 for example.) Assets Cash + Accounts Receivable Supplies + Equipment $ $ (2) (3) Bo

Answer 1

Answer:

Assets						Liabilities		Stockholders' equity				Explanation
	Cash	Accounts Receivable	Supplies	Delivery Trucks	Equipment	Accounts payable	Bonds payable	Common stock	Revenues	Expenses	Dividends
1	+181,000							+181,000				Issuance of common stock
2	+54000						+54000
3	- 60,000			+60,000
4	+17,000								+17,000			Service revenue
5			+5,800			+5,800
6	- 4800									-4800		Rent expense
7		+11,000							+11,000			Service revenue
8	- 29,300									-29,300		Salaries & Wages expense
9	- 10,700										-10,700	Dividends
	147,200	11,000	+5800	+60,000	$0	+5800	+54,000	+181,000	+28,000	-34,100	-10,700