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During 2025, its first year of operations as a delivery service, Sheridan Corp. entered into the following transactions. 1. Issued shares of common stock to
During 2025, its first year of operations as a delivery service, Sheridan Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $123,000 in cash. 2. Borrowed $37,000 by issuing bonds. 3. Purchased delivery trucks for $64,000 cash. 4. Received $15,000 from customers for services performed, 5. Purchased supplies for $6,100 on account. 6. Paid rent of $5,800, 7. Performed services on account for $11,800. 8. Paid salaries of $27,700. 9. Paid a dividend of $10,400 to stockholders. Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the far-right column. (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.) Allowed Explanations
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