Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During 2022, Marin Corp. entered into the following transactions. 1. Borrowed $50,400 by issuing a note. 2. Paid $7,560 cash dividend to stockholders. 3. Received

During 2022, Marin Corp. entered into the following transactions.

1. Borrowed $50,400 by issuing a note.
2. Paid $7,560 cash dividend to stockholders.
3. Received $10,920 cash from a previously billed customer for services performed.
4. Purchased supplies on account for $2,604.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. For retained earnings, use separate columns for revenues, expenses, and dividends if necessary. (If a transaction results in a decrease in Assets, Liabilities or Stockholder's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets

=

Liabilities

+ Stockholders Equity

Retained Earnings

Cash

+

Accounts Receivable

+

Supplies

=

Accounts Payable

+

Notes Payable

+

Common Stock

+

Revenues

-

Expenses

-

Dividends

1.

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

2.

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

Paid div
3.

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

4.

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

Attempts: unlimited

Submit Answer

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

Recommended Textbook for

Final Work On Internal Audit Internal Audit And Its Management

Authors: Silvia Mamani

1st Edition

6203099651, 978-6203099652

More Books

Students also viewed these Accounting questions

Question

Prepare a constructive performance appraisal.

Answered: 1 week ago

Question

List the advantages of correct report formatting.

Answered: 1 week ago