Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 1-4A (Part Level Submission) Nancy Tercek started a delivery service, Marigold Corp., on June 1, 2019. The following transactions occurred during the month
Problem 1-4A (Part Level Submission) Nancy Tercek started a delivery service, Marigold Corp., on June 1, 2019. The following transactions occurred during the month of June. June 1 Stockholders invested $17,800 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $15,000. Nancy paid $3,500 cash and signed a note payable for the remaining balance. 3 Paid $600 for office rent for the month. 5 Performed $4,700 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 $1,100 for services performed on June 5. 17 Purchased gasoline for $300 on account. 20 Received $1,600 cash for services performed. 23 Made a cash payment of $500 on the note payable. 26 Paid $300 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $1,190 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.) Marigold Corp. Assets Liabilities Stockholders' Equity + Date Cash Accounts Receivable + Supplies Equipment Notes Payable Accounts Payable + Common Stock + Revenues Retained Earnings Expenses Dividends June 1 12 15 17 20 23 26 29 30 3 5 12
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started