Neveranerror Inc. was organised on June 2 by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of business June 2 Received contributions of $10,000 from each of the three owners of the business in exchange for shares of stock June purchased a computer system for $12,000. The agreement with the vendor requires a down payment of $2.500 with the balance due in today June: Signed a two-year promissory note at the bank and received cash of 120,000, June 15 Billed $2.250 to clients for the first half of Sune Clients are billed twice a month for services performed during the month, and the bills are payable within ten days June 17. Paid a $900 bal from the local newspaper for advertising for the month of Juno. June 23: Received the amounts bled to clients for services performed during the first half of the month June 281 Received and paid gas, electric, and water bill. The total amount is $2,700 June 29: Received the landlord's bill for >2,200 for rent on the office space that Neveranerror leases. The bill is payable by the 10th of the following month, June 30 Paid salaries and wages for June. The total amount is 35,670 June 30 billed $10,400 to clients for the second half of June June 30: Declared and paid dividends in the amount of $6,000 Required 1. Complete the below table to summarize the preceding transactions as they affect the accounting equation ignore depreciation expense and interest expense of an accountia unaffected by a transaction enteroUse the minus sign to indicate decreases Neveranerror Inc. was organised on June 2 by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of business June 2 Received contributions of $10,000 from each of the three owners of the business in exchange for shares of stock June purchased a computer system for $12,000. The agreement with the vendor requires a down payment of $2.500 with the balance due in today June: Signed a two-year promissory note at the bank and received cash of 120,000, June 15 Billed $2.250 to clients for the first half of Sune Clients are billed twice a month for services performed during the month, and the bills are payable within ten days June 17. Paid a $900 bal from the local newspaper for advertising for the month of Juno. June 23: Received the amounts bled to clients for services performed during the first half of the month June 281 Received and paid gas, electric, and water bill. The total amount is $2,700 June 29: Received the landlord's bill for >2,200 for rent on the office space that Neveranerror leases. The bill is payable by the 10th of the following month, June 30 Paid salaries and wages for June. The total amount is 35,670 June 30 billed $10,400 to clients for the second half of June June 30: Declared and paid dividends in the amount of $6,000 Required 1. Complete the below table to summarize the preceding transactions as they affect the accounting equation ignore depreciation expense and interest expense of an accountia unaffected by a transaction enteroUse the minus sign to indicate decreases
