Business, 23.09.2021 14:00, SchoolSucks234
During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the following transactions.
1. Issued shares of common stock to investors in exchange for $115,000 in cash.
2. Borrowed $38,000 by issuing bonds.
3. Purchased delivery trucks for $55,000 cash.
4. Received $17,000 from customers for services performed.
5. Purchased supplies for $6,700 on account.
6. Paid rent of $6,000.
7. Performed services on account for $10,400.
8. Paid salaries of $29,600.
9. Paid a dividend of $10,500 to shareholders.
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.
Assets Liabilities Stockholders' Equity Cash Accounts + Receivable + Supplies + Equipment = Accounts Payable + Bonds Payable + Common Stock + Retained Earnings - Dividends Revenues - Expenses (1) $ 115000.00 115000.00 38000.00 38000.00 55000.00 (55000.00) 17000.00 6700.00 6700.00 6000.00 10400.00 (29,600.00) (9) (10,500.00)
Answers: 1
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During 2022, its first year of operations as a delivery service, Blue Spruce Corp. entered into the...
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