The following events are for Holiday Travel Services for Year 1, the first year of operations. Assume that all transactions involve the receipt or payment of cash. 1. The business acquired $56,000 from stock issued to stockholders 2. Creditors loaned the company $36,000 3. The company provided services to its customers and received $86,000 4. The company paid expenses amounting to $68,000 5. The company purchased land for $38,000 6. The company paid a dividend of $6,900 to its stockholders Required: a. Show the effects of the above transactions on the accounting equation (use appro events that affect retained earnings, indicate the appropriate temporary account titles in a separate column. b. Prepare an income statement and balance sheet for and at the end of Year 1. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 element and account headings). F

The following events are for Holiday Travel Services for Year 1, the first year of operations. Assume that all transactions involve th receipt or payment of cash. 1. The business acquired $56,000 from stock issued to stockholders 2. Creditors loaned the company $36,000 3. The company provided services to its customers and recelved $86,000 4. The company paid expenses amounting to $68,000 5. The company purchased land for $38,000 6 . The company paid a dividend of $6,900 to its stockholders Required: a. Show the effects of the above transactions on the accounting equation (use appropriate element and account headings) events that affect retained earnings, indicate the appropriate temporary account tities in a separate column. b. Prepare an income statement and balance sheet for and at the end of Year 1. Complete this question by entering your answers in the tabs below