Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Nancy Lewis started a delivery service, Lewis Deliveries, on June 1,2027. The following transactions occurred during the month of June. June Stockholders invested $11,600 cash
Nancy Lewis started a delivery service, Lewis Deliveries, on June 1,2027. The following transactions occurred during the month of June. June Stockholders invested $11,600 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $16,240. Nancy paid $2,320 cash and signed a note payable for the remaining balance. 3 Paid $580 for office rent for the month. 5 Performed $5,568 of services for customer on account. 9 Declared and paid $348 in cash dividends. 12 Purchased supplies for $174 on account. 15 Received a cash payment of $1,450 for services performed on June 5 . 17 Purchased gasoline for $116 on account. 20 Performed services for customer for $1,740 cash. 23 Made a cash payment of $580 on the nte payable. 26 Paid $290 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,160 for employee salaries. Retained Earnings Revenues Expenses Dividends $ $ $ 5.568 348 Dividends Gasoline Expense Rent Expense Salaries and Wages Expense Service Revenue Utilities Expense Assets Show the effects of the previous transactions on the accounting equation using the following format. Include margin explanations for any changes in revenues or expenses. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started