Question: A Question 1 [30 points] Based on the following transactions, complete the table shown below a. A shareholder paid Callaho Inc. $80,000 cash for
A Question 1 [30 points] Based on the following transactions, complete the table shown below a. A shareholder paid Callaho Inc. $80,000 cash for share capital in the business b. Provided consulting services to a customer and collected $400 c. Callaho Inc. paid $2.750 for equipment purchased today. d. A client rented equipment for $1,000 cash. e. Callaho Inc. performed consulting services for a customer and received $6,500 f. Callaho Inc. bought $3,750 of equipment, using $750 cash and $3,000 on account g. A client rented equipment for $1,100 cash. F. Callaho Inc. purchased $500 of equipment on credit. i. Callaho Inc. bought $3,000 of equipment, using $750 cash and $2.250 on account j. Callaho Inc. paid dividends of $2,300 to the shareholders. To complete the table shown below, identify the headings for each column by clicking on the appropriate cell and making a selection. Use addtions (sign) and subtractions (s show the transactions' offects on the elements of the equation. Show new totals after each transaction (no or sign is required for totals). Also indicate next to each change in equity (in the explanation column) whether it was caused by the issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. If a transaction does not affect equity, no explanation is required. Do not leave any balances blank, unless the balance is zero. Liabilities Equity Share Capital Retained Earnings Explanation Assots (a) Cash 80,000 (b) Bal. (c) Bal (d) Bal (e)
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