Accounts Titles for Retainer Earnings

Better Corporation completed the following transactions during Year $2$ :

Purchased land for $$5,500$ cash.

Acquired $$26,000$ cash from the issue of common stock.

Received $$65,000$ cash for providing services to customers.

Paid cash operating expenses of $$41,900.$

Borrowed $$11,000$ cash from the bank.

Paid a $$5,500$ cash dividend to the stockholders.

Determined that the market value of the land purchased in event $1$ is $$36,000.$

Required

Q$.$ Record the transactions in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table.

b$.$ As of December $31,$ Year $2,$ determine the total amount of assets, liabilities, and stockholders' equity and present this information in the form of an accounting equation.

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