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Blossom Company decides to open a pizza parloc near the local college campus that will operote as a corporation. Analyze the following transactions for the
Blossom Company decides to open a pizza parloc near the local college campus that will operote as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. (1) Blossom Company invests $34,000 cash in exchange for common stock on fune 1 . (2) Purchased equipment for $5,000 paying $2,400 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,700 canh. (4) Recelved a bill from Campus News for $160 for advertisins in the campus newspaper. (5) Cash receigts from customers for pizza sales amounted to $2,000. (6) Paid salarier of 5180 tostudent workers. (7) Biled the Tiger Foothall Team $350 for pizzas ordered (8) Paid $160 to Campus News for advertising that was previously billed in Tranaction 4. (9) Blossom Company paid dividends of 51.500 (10) Incurred utility expenses for the month on account, $140. Record each transaction by increasing (t) or decreasing (-) the dollar amount of esch item affected, Indicate the new balance of each item after a transaction is recorded. it is not necessary to lientify the cause of chanses in stockholders' equ ty. (lf Bolance ha negative then enter either a-simn es - 15,000 or in parentheds es. (15.000). Enter oll tronsaction ameunts as positive and select the oppropriate skin from the drop down Leove the field blank If not applicable
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