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Exerclse 1-6A Effect of transactions on general ledger accounts LO 1-4 At the beginning of Year 2, Better Corp.'s accounting records had the following general ledger ac- counts and balances: TER CORP ccounting Equation Acct. Tities for RE Event Liablities+Stockholders' Equilty Common Retained StockEarnings Assets Notes Payable CashLand Balance 0101/ Year 2 Better Corp. completed the following transactions during Year 2 1. Purchased land for S5,000 cash 2. Acquired $25.000 cash from the issue of common stock 3. Received $75.000 cash for providing services to customers 4. Paid cash operating expenses of S42,000 5. Borrowed $10,000 cash from the bank 6. Paid a $5,000 cash dividend to the stockholders 7. Determined that the market value of the land purchased in Event I is $35.000 Required a. Record the transactions in the appropriate general ledger accounts. Record the amounts of reve- nue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Exercise 1-7A Missing information and recording events equity and present this information in the form of an accounting equation LO 1-4 Exerclse 1-6A Effect of transactions on general ledger accounts LO 1-4 At the beginning of Year 2, Better Corp.'s accounting records had the following general ledger ac- counts and balances: TER CORP ccounting Equation Acct. Tities for RE Event Liablities+Stockholders' Equilty Common Retained StockEarnings Assets Notes Payable CashLand Balance 0101/ Year 2 Better Corp. completed the following transactions during Year 2 1. Purchased land for S5,000 cash 2. Acquired $25.000 cash from the issue of common stock 3. Received $75.000 cash for providing services to customers 4. Paid cash operating expenses of S42,000 5. Borrowed $10,000 cash from the bank 6. Paid a $5,000 cash dividend to the stockholders 7. Determined that the market value of the land purchased in Event I is $35.000 Required a. Record the transactions in the appropriate general ledger accounts. Record the amounts of reve- nue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table b. As of December 31, Year 2, determine the total amount of assets, liabilities, and stockholders c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1, Year 3? Exercise 1-7A Missing information and recording events equity and present this information in the form of an accounting equation LO 1-4
