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 reat 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,$00 cash from customers. 7. Made a $500 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 heading, show the effect of the transactions on assets, liabilities, and stockholders' equity. If the transaction unparts retained earnings, be sure to indicate the type of retained earnings transaction, Be sure to compute new balances after each bamsaction. CHAPTER 1 CHECKPOINT I WORKPAPER VADER CORPORATIONCHAPTER 1 CHECKPOINT # WORKPAPER VADER CORPORATION ASSETS LIABILITIES STOCKHOLDERS' EQUITY Paid in Retained Capital Earnings Accounts Accounts Notes Common Retained Payable Stock Cash + Receivable + _Supplies + Equipment Payable Farrings Type 1. Bal 2. 2. Hall Bal 3. Bal 4. 4. 5. 5 Bal T. Bal 9. 11. Bal 42. DELL