Majestic Corporation experienced the following events during 2019:

1. Raised cash by issuing a note payable. 2. Incurred and accrued, but did not pay, operating expenses. 3. Received payment in advance for services to be provided in 2020. 4. Received payment for services provided during 2018. 5. Repaid part of the note in event 1. 6. Declared and paid dividends to stockholders.

Required:

Indicate how each of these events affects the accounting equation by writing the letter I for increase, the letter D for decrease, and NA for no effect under each of the components of the accounting equation. Use only one item of entry in each column. The first event has been completed for you as an example. All boxes in the Assets, Liabilities, Common Stock and Retained Earnings columns must have either an I, D or NA for events 2 through 6.

QUESTION #33 MAJESTIC CORPORATION
					Stockholders' Equity
Event Number	Assets	=	Liabilities	+	Common Stock	+	Retained Earnings
1)	I		I		NA		NA
2)
3)
4)
5)
6)