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During 2027 , its first year of operations as a delivery service, skysong corp entered into the following transactions. Please refer to pictures for transactions
During 2027 , its first year of operations as a delivery service, skysong corp entered into the following transactions. Please refer to pictures for transactions and chart.
During 2027, its first year of operations as a delivery service, Skysong Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $114,000 in cash. 2. Borrowed $51,300 by issuing a note. 3. Purchased delivery trucks for $68,400 cash. 4. Performed services for customers for $18,240 cash. 5. Purchased supplies for $5,358 on account. 6. Paid rent of $5,928. 7. Performed services on account for $11,400. 8. Paid salaries of $31,920. 9. Paid a dividend of $12,540 to shareholders. 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. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. Stockholders' EquityStep by Step Solution
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