Question

Leppard Enterprises had the following selected transactions.
1. Kim Leppard invested $5,000 cash in the business in exchange for common stock.
2. Paid office rent of $950.
3. Performed consulting services and billed a client $4,700.
4. Declared and paid a $600 cash dividend.

Instructions
(a) Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Stockholders’ Equity), using plus and minus signs.
(b) Journalize each transaction.



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  • CreatedFebruary 17, 2014
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