The Quality Courier Corporation was founded by Johnny Hui on March 1 and engaged in the fol-

weeks of operation, she completed the following transactions:

a. Deposited 21,000 in cash in the name of the company, in exchange for 2,100 shares of the corporation.

b. Paid the current month's rent, 1,500 .

c. Purchased store equipment on credit, 10,800 .

d. Purchased framing supplies for cash, 5,100.

e. Received framing revenues, 2,400 .

f. Billed customers for services, 2,100 .

g. Paid electricity expense, 750 .

h. Received payment from customers in transaction \(\mathbf{f}, 600\).

i. Made payment on store equipment purchased in transaction

c, 5,400.

j. Approved and paid dividends of 1,200 . lowing transactions:

a. Deposited 12,000 in cash in the name of Quality Courier Corporation, in exchange for 12,000 shares of the corporation.

b. Purchased a motorbike on credit, 3,200 .

c. Purchased delivery supplies for cash, 400 .

d. Billed a customer for a delivery, 200.

e. Received delivery fees in cash, 600 .

f. Made a payment on the motorbike, 1,400 .

g. Paid repair expense, 240 .

h. Received payment from customer billed in transaction

d, 100 .

i. Declared and paid dividends of 300 .

REQUIRED 1. Arrange the following asset, liability, and shareholders' equity accounts in an equation similar to Exhibit 1-1: Cash, Accounts Receivable, Delivery Supplies, Motorbike, Accounts Payable, Share Capital, and Retained Earnings.

2. Show by addition and subtraction, as in Exhibit 1-1, the effects of the transactions on the accounting equation. Show new balances after each transaction, and identify each shareholders' equity transaction by type.