Marks Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018

1. Acquired $70,000 by issuing common stock.

2. Received $115,000 cash for providing services to customers.

3. Borrowed $19,000 cash from creditors.

4. Paid expenses amounting to $56,000.

5. Purchased land for $40,000 cash.

Transactions for 2019 Beginning account balances for 2019 are:

Cash	$	108,000
Land		40,000
Notes payable		19,000
Common stock		70,000
Retained earnings		59,000

1. Acquired an additional $23,000 from the issue of common stock.

2. Received $134,000 for providing services.

3. Paid $14,000 to creditors to reduce loan.

4. Paid expenses amounting to $63,000.

5. Paid a $13,000 dividend to the stockholders.

6. Determined that the market value of the land is $50,000.

MARK'S CONSULTING
Accounting Equation for 2018
Event	Assets			=	Liabilities	+	Stockholders Equity			Account Titles for Retained Earnings
	Cash	+	Land	=	Notes Payable	+	Common Stock	+	Retained Earnings
1.		+		=		+		+
2.		+		=		+		+
3.		+		=		+		+
4.		+		=		+		+
5.		+		=		+		+
Totals	0	+	0	=	0	+	0	+	0