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I really need help with part C. Thank you! :) The following transactions apply to Stegall Co. for 2014, its first year of operations 1.
I really need help with part C. Thank you! :)
The following transactions apply to Stegall Co. for 2014, its first year of operations 1. Received $40,000 cash in exchange for issuance of common stock. 2. Secured a $105,000, 10-year installment loan from First Bank. The interest rate was 7 percent and annual payments are $14,628 3. Purchased land for $29,000 4. Provided services for $105,000 cash 5. Paid other operating expenses of $45,000 6. Paid the annual payment on the loan Required a. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) STEGALL COMPANY Effect of Events on the Accounting Equation Assets Stockholders' Equity Liabilities+ Note+ Event Accounts Titles for Retained Earnings Common+ Cash+ Landot Payable Retained Earnings Stock 2014 2. 4 BalStep by Step Solution
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