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During 2014, Damon Corp. entered into the following transactions. 1. Borrowed $58,270 by issuing bonds. 2. Paid $8,720 cash dividend to stackholders. 3. Received $10,130
During 2014, Damon Corp. entered into the following transactions. 1. Borrowed $58,270 by issuing bonds. 2. Paid $8,720 cash dividend to stackholders. 3. Received $10,130 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $2,820. Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin. For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. (If a transaction causes a decrease in Assets, Liabilities or Stockholders Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.) Assets iabilities ckholders Equit + Accounts Receivable+ Accounts Payable Bonds Payable+ + Retained Earnings
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