Required information Problem 1-33 Preparing financial statements for two complete accounting cycles LO 1-3,1-4,1-5,1-7, 1-8,1-9 The following information applies to the questions displayed below.] Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019 Assume that all transactions involve the receipt or payment of cash Transactions for 2018 1. Acquired $70,000 by issuing common stock. 2. Received $115,000 cash for providing services to customers 3. Borrowed $19,000 cash from creditors 4. Paid expenses amounting to $56,000 5. Purchased land for $40,000 cash Transactions for 2019 Beginning account balances for 2019 are $108,000 40,000 Notes payable 19,000 70,000 Cash Land Common stock Retained 59,000 earnings 1. Acquired an additional $23,000 from the issue of common stock. 2. Received $134,000 for providing services. 3. Paid $14,000 to creditors to reduce loan 4. Paid expenses amounting to $63,000 5. Paid a $13,000 dividend to the stockholders. 6. Determined that the market value of the land is $50,000 Required a. Record the effects of each accounting event under the appropriate headings for each year. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table Complete this question by entering your answers in the tabs below. Req AReq 2018 2019 Record the effects of each accounting event under the appropriate headings for the year 2018. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input.) Show less MARK'S CONSULTING Accounting Equation for 2018 Assets = Liabilities + Stockholders' Equity Account Titles Common Retainedfor Retained Earnings Earnings Notes StocK Event CashLand 70,000 + 1 2 4 Totals 70,000+ Req A 2018 Req A 2019 Complete this question by entering your answers in the tabs below. Req A 2018 Req A 2019 Record the effects of each accounting event under the appropriate headings for the year 2019 Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require input.) Show lessA MARK'S CONSULTING Accounting Equation for 2019 Assets Liabilities+Stockholders' Equity Account Titles Common Retained for Retained Earnings Earnings Notes StocK Event Cash+ LandE Payable Beg bal 2 4 6 Totals 0 ReqA 2018 Req A 2019
