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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
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.)
Nancy Tercek started a delivery service, Tercek Deliveries, on June 1, 2015. The following transactions occurred during the month of June. June 1 Stockholders invested $19,150 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,576. Nancy paid $3,255 cash and signed a note payable for the remaining balance. 3 Paid $338 for office rent for the month. 5 Performed $4,825 of services on account. 9 Declared and paid $352 n cash dividends 12 Purchased supplies for $265 on account. 15 Received a cash payment of $1,274 for services provided on June 5. 17 Purchased gasoline for $127 on account. 20 Received a cash payment of $1,386 for services provided 23 Made a cash payment of $700 on the note payable 26 Paid $133 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $2,161 for employee salariesStep by Step Solution
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