Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions. 1. 2. 3. 4. 5. 6. 7.

During 2022, its first year of operations as a delivery service, Shamrock Corp. entered into the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the right-hand margin. (If a transaction results in 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.) (1) Issued shares of common stock to investors in exchange for $90,000 in cash. Borrowed $40,500 by issuing a note. Purchased delivery trucks for $54,000 cash. Performed services for customers for $14,400 cash. Purchased supplies for $4,230 on account. Paid rent of $4,680. Performed services on account for $9,000. Paid salaries of $25,200. Paid a dividend of $9,900 to shareholders. (2) $ Cash $ Accounts Receivable Assets + $ Supplies $ Equipment
image text in transcribed
During 2022, its first year of operations as a deliveryservice, Shamrock Corp entered into the following transactions: 1. Isued shares of common stock to investors in exchange for $90,000 in cash 2. Bortowed 540.500 ty ikving a note 3. Purchased delivery trucks for $54000 cash 4. Perfarmed services for customers for $14,400cash 5. Purchused wpplies for $4.230 on account 6. Paid rent of $4,680. 7. Performed services n account for $9,000 8. Pud salaries of $25,200. 9. Paid a dividend of 59900 to shareholders

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

305 mg of C6H12O6 in 55.2 mL of solution whats the molarity

Answered: 1 week ago

Question

3. Define the roles individuals play in a group

Answered: 1 week ago