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Olive Enterprises experienced the following events during Year 1 : Acquired cash from the issue of common stock. Paid cash to reduce the principal on
Olive Enterprises experienced the following events during Year :
Acquired cash from the issue of common stock.
Paid cash to reduce the principal on a bank note.
Sold land for cash at an amount equal to its cost.
Provided services to clients for cash.
Paid utilities expenses with cash.
Paid a cash dividend to the stockholders.
Required:
Indicate which of the above events occur in the equation by selecting the letter "I" for increase, the letter D for decrease, and ID for increase and decrease in a particular component. Accounting equation components that are not affected by the events should be left blank. The first event is shown as an example.
Note: Not all cells will require an input.
tableOLIVE ENTERPRISESAccounting EquationtableEventNumberAssets,Liabilities,Stockholders' EquitytableCommonStocktableRetainedEarningsI,I,grad,
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