Chapter 1 Checkpoint #1 Name Following are the transactions for May for Vader Corporation

1. Received $12,000 cash from shareholders in exchange for shares of common stock.

2. Purchased $900 supplies on account from Solo Company

3. Paid $1,600 cash for May rent on office space

4. Purchased equipment costing $9,000; paid $1,000 cash; signed a promissory note for the remainder due.

5. Borrowed $3,000 cash from the bank and signed a promissory note for the balance due.

6. Performed services and received $1,800 cash from customers.

7. Made a $900 cash payment on account to Solo Company (related to transaction #2).

8. Performed services and billed customers $2,300.

9. Declared and paid $400 cash dividends to shareholders

10. Received $1,400 cash on account from previously billed customers

11. Paid cash for an employee's salary for May $700.

12. Received a utility for October for $150--the bill will be paid in June.

REQUIRED: Using the appropriate column headings, show the effect of the transactions on assets, liabilities, and stockholders' equity. If the transaction impacts retained earnings, be sure to indicate the type of retained earnings transaction. New balances will be computed after each transaction

In CHAPTER 1 CHECKPOINT FI WORKPAPER VADER CORPORATION LIABILITIES STOCKHOLDERS' EQUITY ASSETS Paid-in Retained Capital Earnings Accounts Accounts Holes Common Rolained Receivable . Supplies + Equipment : Payable Payable Stock Earnings Type Cash Bal 2. Bal 3. Ball 4. TO Bal in Ba Hal TO Bal 7. 10 Bal B. Bal ar Blad Bal 10, 19 11, 4 12. 11. Bal 12. Bal TOTAL LIABILITIES TOTAL SIXHELDILY BOUTIT DELL G3 FF F12