Oppong Corporation began operations on June 1, 2014. The transactions for the first month follow. a. Oppong Corporation issued shares to shareholders for $100,000. b. Oppong Corporation performed consulting services for a customer and received $900. c. $1,000 of commissions were earned and collected today by Oppong Corporation. d. Oppong Corporation performed consulting services for a customer and received $6,000. e. Furniture was rented by a customer for $700 cash. f. Oppong Corporation paid a $500 bill received today for an advertising campaign that ran last week. g. Oppong Corporation used $1,000 cash and $3,000 credit to purchase new equipment worth $4,000. h. Oppong Corporation paid $3,500 for equipment purchased today. i. Oppong Corporation bought $3,000 of equipment, using $750 cash and $2,250 on account. j. Oppong Corporation paid dividends of $1,800 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Use additions and subtractions to show the transactions' effects on the elements of the equation. Show new totals after each transaction. Also indicate next to each change in the equity in the explanation column) whether it was caused by issuance of share capital investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended June 30. Explanation Accounts and Headings: Accounts Payable, Accounts Receivable, Advertising Expense, Building, Cash, Commissions Earned, Consulting Revenue Earned, Dividends, Equipment, Furniture, Insurance Expenselnterest Earned, Interest Payable, Investment, Land, Notes Receivable, Office Salaries Expense, Office Supplies Expense, Property Taxes Payable, Rent Earned, Rent Expense, Retained Earnings, Short-Term Notes Payable, Store Supplies Expense, Supplies, Utilities Expense a) Complete the following accounting equation table: Assets = Liabilities Equity + Share Capital+Retained Earnings (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. (1) Bal. (g) Bal. (h) Bal. (1) Bal. 0) Bal. Saved b) Complete the following income statement: (select one) Income Statement (select one) + ++ Accounts and Headings: Accounts payable, Accounts receivable, Advertising expense, Assets, Building, Cash, Commissions earned, Consulting revenue earned, Dividends, Equipment, Equity, Expenses, Furniture, Insurance expense, Interest earned, Interest payable, Issuance of shares, Land, Liabilities, Net income, Net loss, Notes receivable, Office salaries expense, Office supplies expense, Property taxes payable, Rent earned, Rent expense, Retained earnings, Revenues, Share capital, Short-term notes payable, Store supplies expense, Supplies, Total assets, Total equity, Total expenses, Total liabilities, Total liabilities and equity, Total revenues, Utilities expense c) Complete the following statement of changes in equity: (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity d) Complete the following Balance Sheet: (select one) Balance Sheet (select one) X
