Question
Sheffield Companys tabular analysis at the beginning of October consisted of the following balances: Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Accounts
Sheffield Companys tabular analysis at the beginning of October consisted of the following balances:
Assets | = | Liabilities | + | Stockholders' Equity | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | |||||||||||||
Cash | + | Accounts Receivable | = | Accounts Payable | + | Common Stock | + | Revenue | - | Expenses | |||
Beg. Bal | $9490 | $410 | $2970 | $6930 |
During October, the company issued additional shares of stock for proceeds of $2020. After recording this transaction in the tabular analysis, the company would report:
Assets $7880 = Liabilities $2970 + Stockholders Equity $4990
Assets $9490 = Liabilities $2970 + Stockholders Equity $6520
Assets $9900 = Liabilities $2970 + Stockholders Equity $8950
Assets $11920 = Liabilities $2970 + Stockholders Equity $8950
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