Missy Crone owns and operates a public relations firm called Top 40, Inc. The following amounts summarize

Question:

Missy Crone owns and operates a public relations firm called Top 40, Inc. The following amounts summarize her business on August 31, 2012:

Stockholders' equity Retained Liabilitics Assets Accounts payable 6,000 Common Accounts Cash Date + Supplies %3D Land re

During September 2012, the business completed the following transactions:
a. Issued common stock and received cash of $10,000.
b. Performed service for a client and received cash of $1,000.
c. Paid off the beginning balance of accounts payable.
d. Purchased supplies from OfficeMax on account, $700.
e. Collected cash from a customer on account, $500.
f. Received cash of $1,900 and issued common stock.
g. Consulted for a new band and billed the client for services rendered, $5,800.
h. Recorded the following business expenses for the month:
1. Paid office rent, $900.
2. Paid advertising, $400.
i. Returned supplies to OfficeMax for $80 from item d, which was the cost of the supplies.
j. Paid cash dividends of $2,700.
Requirement
1. Analyze the effects of the preceding transactions on the accounting equation of Top 40. Adapt the format to that of Exhibit1-6.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...