Tiny Town Kennel earns service revenue by caring for the pets of customers. Tiny Town Kennel is organized as a corporation. During the past month, Tiny Town Kennel has the following transactions:
a. Received $520 cash for service revenue earned.
b. Paid $325 cash for salaries expense.
c. Investors contributed $ 1,000 to the corporation in exchange for common stock.
d. Earned $640 for service revenue, but the customer has not paid Tiny Town Kennel yet.
e. Received utility bill of $85, which will be paid next month.
f. Cash dividends of $ 100 were paid to stockholders.
Indicate the effects of the business transactions on the accounting equation for Tiny Town Kennel.

  • CreatedJune 12, 2015
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