Below is a list of activities for Vikings Incorporated. Required: For each activity, indicate the impact on
Question:
Below is a list of activities for Vikings Incorporated.
Required:
For each activity, indicate the impact on the accounting equation. After doing all the transactions, ensure that the accounting equation remains inbalance.
Transcribed Image Text:
Stockholders Transaction Assets Liabilities + Equ 1. Issue common stock in exchange for cash, $15,000 $15,0000+$15,000 2. Obtain a loan from the bank for 3. Receive cash of $1,200 in advance 4. Purchase supplies on account, $2,400 $9,000 from customers. .- 5. Pay one year of rent in advance 6. Provide services to customers orn 7. Repay $4,000 of the loan in (2) above $12,000 account, $3,000 8. Pay the full amount for supplies purchased in (4) above (3) above stockholders. 9. Provide services to customers in 10. Pay cash dividends of $1,000 to Totals
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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