During 2022, Kingbird Corp. entered into the following transactions. 1. Borrowed $74,400 by issuing a note....

Transcribed Image Text:

During 2022, Kingbird Corp. entered into the following transactions. 1. Borrowed $74,400 by issuing a note. 2. Paid $11,160 cash dividend to stockholders. 3. Received $16,120 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $3,844. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For retained earnings. use separate columns for revenues, expenses, and dividends if necessary. (If a transaction results in a decrease in Assets Liabilities or Stockholder's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) During 2022, Kingbird Corp. entered into the following transactions. 1. Borrowed $74,400 by issuing a note. 2. Paid $11,160 cash dividend to stockholders. 3. Received $16,120 cash from a previously billed customer for services performed. 4. Purchased supplies on account for $3,844. Using the following tabular analysis, show the effect of each transaction on the accounting equation. For retained earnings. use separate columns for revenues, expenses, and dividends if necessary. (If a transaction results in a decrease in Assets Liabilities or Stockholder's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Answer rating: 100% (QA)

Heres the tabular analysis showing the effect of each transaction on the accoun... View the full answer