Question

During 2014, Damon Corp. entered into the following transactions.
Borrowed $60,000 by issuing bonds.
Paid $9,000 cash dividend to stockholders.
Received $13,000 cash from a previously billed customer for services performed.
Purchased supplies on account for $3,100.
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders’ Equity in the right hand margin For Retained Earnings, use separate columns for Revenues, Expenses, and Dividends if necessary. Use Illustration 3-3 (page 110) as amodel.


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  • CreatedApril 07, 2014
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