Transactions made by Marigold Corp., a law firm, for the month of March are shown below. The company performed $21,000 of services for customers, on credit. The company received $21,000 in cash from customers who had been billed for services (in transaction 1). 1. 2. The company received a bill for $3,600 of advertising, but will not pay it until a later date. The company paid a dividend of $7,000 in cash to stockholders. 3. 4. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance th a negative sign preceding the number e.g. -15,000 or parenthesis (15,000).) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accounts Receivable Accounts Payable + Common Stock + Revenues Expenses Dividends (1) %24 24 $1 %24 (2) $. 24 $4 (3) $ %24 24 (4) s 2$
Transactions made by Marigold Corp., a law firm, for the month of March are shown below. The company performed $21,000 of services for customers, on credit. The company received $21,000 in cash from customers who had been billed for services (in transaction 1). 1. 2. The company received a bill for $3,600 of advertising, but will not pay it until a later date. The company paid a dividend of $7,000 in cash to stockholders. 3. 4. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation. (If an amount reduces the account balance th a negative sign preceding the number e.g. -15,000 or parenthesis (15,000).) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accounts Receivable Accounts Payable + Common Stock + Revenues Expenses Dividends (1) %24 24 $1 %24 (2) $. 24 $4 (3) $ %24 24 (4) s 2$
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.12AMCP: Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following...
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