1. Investment in the business

The owners invested $16,910 cash into the business in exchange for shares of common stock in Thomas Company.

2. Borrow cash

The company borrows $7,620 cash from the local bank.

3. Purchase equipment

The company pays cash for a piece of equipment. The list price was $8,900, but after negotiation, the final purchase price was $8,500.

4. Revenues earned

During the year, Thomas Company earned revenues totaling $298,200. The cash has been collected from the customers for all revenue earned this year.

5. Expenses incurred

Thomas Company incurred expenses totaling $210,900 during that same year. All of the expenses incurred this year were paid in cash.

6. Dividends

At the end of each quarter, Thomas Company distributed cash to its stockholders. The sum of those quarterly distributions was $14,400.

Transactions Shaded cells have feedback. Consider the following transactions for Thomas Company and their effect on the accounting equation. Click on each transaction for transaction details. Determine the new balance for each component of the accounting equation resulting from the transaction. (You will not need to enter the amount of each transaction, only the balance after the transaction.) If an amount box does not require an entry, leave it blank. Transaction Assets Liabilities + Stockholders' Equity Beginning $0 $0 $0 16,910 16,910 $7,620X 3. Purchase equipment $8,500 $298,200X 210,900 X S $14,400 X $298,200 X $210,900 X $14,400 X