Question

Boilermaker House Painting Company incurs the following transactions for September.
1. Pay dividends of $2,000 to stockholders.
2. Purchase a building for $60,000 cash.
3. Pay advertising of $1,000 for the current month.
4. Purchase land for $25,000 by issuing note payable.
5. Provide services to customers for $19,000.
6. Issue common stock for $50,000.

Required:
For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction,
(1) Assets increase
(2) Stockholders’ equity increases.



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  • CreatedJuly 15, 2014
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