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During 2027, its first year of operations as a delivery service, Marin Corp. entered into the following transactions. 1. Issued shares of common stock
During 2027, its first year of operations as a delivery service, Marin Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $128,000 in cash. 2. Borrowed $57,600 by issuing a note. 3. Purchased delivery trucks for $76,800 cash. 4. Performed services for customers for $20,480 cash. 5. Purchased supplies for $6,016 on account. 6. Paid rent of $6,656. 7. Performed services on account for $12,800. 8. Paid salaries of $35,840. 9. Paid a dividend of $14,080 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. (1) (2) (3) (4) (5) (6) (7) (8) (9) $ +A +A $ Cash $ Accounts Receivable +A $ +A Assets +A +A Supplies CA $ Equipment Accounts Payable +A $ +A Liabilities + Notes Payable + LA $ LA $ + + CA $ $ +A. Common Stock Revenues Stockholders' Equity Retained Earnings Expenses +A $ $ $ +A $ LA $ Dividends
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