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the ones in red need solving On April 1, Larkspur, Inc. was established. These transactions were completed during the month. 1. Stockholders invested $29,600 cash
the ones in red need solving
On April 1, Larkspur, Inc. was established. These transactions were completed during the month. 1. Stockholders invested $29,600 cash in the company in exchange for common stock. 2. Paid $690 cash for April office rent. 3. Purchased office equipment for $2,980 cash. 4. Purchased $110 of advertising in the Chicago Tribune, on account. 5. Paid $430 cash for office supplies. 6. Performed services worth $11,100. Cash of $3,700 is received from customers, and the balance of $7,400 is billed to customers on account. 7. Paid $290 cash dividends. 8. Paid Chicago Tribune amount due in transaction (4). 9. Paid employees' salaries $1,410. 10. Received $7,400 in cash from customers billed previously in transaction (6). Prepare a tabular analysis of the above transactions. Include margin explanations for any changes in Retained Earnings. (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 3-4 for example.) Assets Liabil Cash + Accounts Receivable + Supplies + Equipment = Accounts Pay 29600 -690 -2980 2980 -430 430 3,700 7400 -290 -110 -1410 7400 -7400 34790 430 2980 e Textbook and Media Liabilities + Stockholders' Equity = Accounts Payable + Common Stock Retained Earnings Revenues Expenses Dividen 29600 690 110 11100 - 110 1410 29600 $ 11100 1100 $ Stockholders' Equity Retained Earnings Revenues Expenses Dividends 29600 Advertising Expense 690 Salaries and Wages Expense , Salaries and Wages Expense 110 Salaries and Wages Expense, Salaries and Wages Expense , 11100 Service Revenue 290 Dividends Advertising Expense 1410 Salaries and Wages Expense 4 Salaries and Wages Expense 4 29600 11100 2210 290Step by Step Solution
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