Question
During 2022, Novak Corp. entered into the following transactions. 1. Borrowed $ 61,000 by issuing bonds. 2. Paid $ 9,350 cash dividend to stockholders. 3.
During 2022, Novak Corp. entered into the following transactions.
1. | Borrowed $ 61,000 by issuing bonds. | |
2. | Paid $ 9,350 cash dividend to stockholders. | |
3. | Received $ 18,800 cash from a previously billed customer for services performed. | |
4. | Purchased supplies on account for $ 4,800. |
Using the following tabular analysis, show the effect of each transaction on the accounting equation. (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 3-4 for example.)
Assets | = | Liabilities | + | Stockholders Equity | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash | + | Accounts Receivable | + | Supplies | = | Accounts Payable | + | Bonds Payable | + | Common Stock | + | Retained Earnings 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 | |||||||
(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 | |||||||
(3) | enter a dollar amount | enter a dollar amount | enter a dollar amount |
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