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Problem 1-04A a-c (Part Level Submission) Nancy Tercek started a delivery service, Sunland Company, on June 1, 2020. The following transactions occurred during the month
Problem 1-04A a-c (Part Level Submission)
Nancy Tercek started a delivery service, Sunland Company, on June 1, 2020. The following transactions occurred during the month of June.
June 1 | Stockholders invested $15,300 cash in the business in exchange for common stock. | |
2 | Purchased a used van for deliveries for $14,700. Nancy paid $3,300 cash and signed a note payable for the remaining balance. | |
3 | Paid $700 for office rent for the month. | |
5 | Performed $4,600 of services on account. | |
9 | Declared and paid $300 in cash dividends. | |
12 | Purchased supplies for $100 on account. | |
15 | Received a cash payment of $1,400 for services performed on June 5. | |
17 | Purchased gasoline for $200 on account. | |
20 | Received $1,400 cash for services performed. | |
23 | Made a cash payment of $400 on the note payable. | |
26 | Paid $350 for utilities. | |
29 | Paid for the gasoline purchased on account on June 17. | |
30 | Paid $1,550 for employee salaries. |
Show the effects of the previous transactions on the accounting equation using the following format. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
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