Check my work 14 Watch the tutorial video and then complete Parts 1 and 2 to practice and apply the skills demonstrated in the video. 6.66 points Prire References Mc Graw Revise your worksheet to the accounting equation and update for the new transaction values below, and then answer the questions that follow. The following transactions took place at a newly formed company 2 Paid six months of rent in advance 1 Started the company by issuing connen stock $53,800 3 Provided services to customers on account 9,800 19,500 4 Purchased supplies on account 6 Paid dividends to stockholders 5 Paid employees' salaries for the current month 4,000 8,800 6,800 Required: 1. Based on your new values, enter the total of Assets, Liabilities, and Stockholders' Equity: < Prev 14 of 15 Next > MyLat: Deme.on Q14-3m/ Cha Che he Homework Chapter #2 1 Sent Help Save & Exit Submit Check my work 14 6.66 points Required information 1 Started the company by issuing common stock 2 Paid six months of rent in advance $53,800 9,800 3 Provided services to customers on account 4 Purchased supplies on account 19,500 4,800 5 Paid employees' salaries for the current nonth 6 Paid dividends to stockholders 8,800 6,880 ebook Required: 1. Based on your new values, enter the total of Assets, Liabilities, and Stockholders' Equity 01 References Assets Liabilities $ 53,800 Stockholder's Equity 53,800 2. What statement below is true regarding the effect of incorrectly including the issuance of Common Stock in the Retained Earnings column instead of the Asset column? There will no effect as Assets still equal Liabilities plus Stockholder's Equity. Assets and Retained Earnings will be overstated, the accounting equation will be in balance, Assets will be understated and Stockholder's Equity will be overstated Both Assets and Stockholder's Equity will be understated, Mc Graw 14 6.66 points Required information Assets and Retained Earnings will be overstated, the accounting equation will be in balance. Assets will be understated and Stockholder's Equity will be overstated. Both Assets and Stockholder's Equity will be understated. lock 14 Pir References 3-a. What would be the amount of total Assets and total Retained Eamings if the payment of dividends weren't made? Total Assets Total Retained Eamings 3-b. Would the accounting equation still be in balance? Yes No < Prev 14 of 15 Next > Check my work