1 A B C D E 2 Spensa Corporation was established this year and had the following transactions: H B 4 a. Issued common stock to investors (example) Value: $ 90,000 5 b. Purchased Inventory on account Value: $ 23,000 6 c. Borrowed cash from a local bank Value: $ 15,000 7 d. Sold merchandise to customers. Gross Profit on sale is 57.6% Sales amount: $ 12,500 57.6% 8 e. Dividends were paid to common shareholders Dividends: $ 1,000 9 f. Purchased Land for cash Value: $ 11,000 10 g. Incurred selling expenses paying one fourth in cash and putting the remainder on account Amount: $ 4,000 11 h. Paid off the local bank loan and also paid 10% in interest Loan: $ 5,000 10% 12 1. Earned interest from the savings account at the local bank Amount: $ 500 13 J. Collected amounts owed from customers 14 Amount: $ 2,000 15 Required Complete the table in the spreadsheet for each transaction showing the effect on the balance sheet and income statement. Leave unaffected cells blank and use positive and negative numbers for increases and decreases. Be 16 sure to enter a formule to calculate column totals, the accounting equation, and net income. Note: Negative amounts or amounts to be deducted should be input and displayed as negative values. All other 17 answers should be input and displayed as positive values. 18 19 TIP: Create formulas for the Total row and the Accounting Equation before posting transactions. 20 21 Transaction BALANCE SHEET Stockholders' INCOME STATEMENT