Business, 13.10.2020 03:01, cathyjuan

During 2017, its first year of operations as a delivery service, Concord Corporation entered into the following transactions: 1. Issued shares of common stock to investors in exchange for $181,000 in cash.
2. Borrowed $54,000 by issuing bonds.
3. Purchased delivery trucks for $60,000 cash.
4. Received $17,000 from customers for services performed.
5. Purchased supplies for $5,800 on account.
6. Paid rent of $4,800.
7. Performed services on account for $11,000.
8. Paid salaries of $29,300.
9. Paid a dividend of $10,700 to shareholders.
Required:
Using the following tabular analysis, show the effect of each transaction on the accounting equation.
If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place ( ) around the amount.
TransactionAssets= Liabilities+Stockholders' Equity
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Answers: 2

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Answers

answered: emmalie52

Concord Corporation

Transaction Assets = Liabilities + Stockholders' Equity

1 Assets (Cash +$181,000) = Liabilities + Stockholders' Equity (Common Stock +$181,000)

2 Assets (Cash +$54,000) = Liabilities (Bonds Payable +$54,000) + Equity

3 Assets (Delivery Trucks +$60,000, Cash - $60,000) = Liabilities + Equity

4 Assets (Cash + $17,000, Accounts Receivable -$17,000) = Liabilities + Equity

5 Assets (Supplies + $5,800) = Liabilities (Accounts Payable +$5,800) + Equity

6 Assets (Cash - $4,800) = Liabilities + Equity (Retained Earnings -$4,800)

7 Assets (Accounts Receivable + $11,000) = Liabilities + Equity (Retained Earnings + $11,000)

8 Assets (Cash - $29,300) = Liabilities + Equity (Retained Earnings + $29,300)

9 Assets (Cash - $10,700) = Liabilities + Equity (Retained Earnings + $10,700)

Explanation:

In accordance with the accounting equation, Assets are always equal to Liabilities + Equity with each given business transaction. The accounting equation reflects the double-entry system of accounting. It shows that two or more accounts are involved in any transaction and each transaction that is properly recorded keeps the equation in balance at all times.

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During 2017, its first year of operations as a delivery service, Concord Corporation entered into th...