Question: Cornerstone Exercise 2-23 (Algorithmic) Transaction Analysis Stanfield Inc. entered into the following transactions: a. Issued common shares to investors in exchange for $64,640 cash b.

Cornerstone Exercise 2-23 (Algorithmic) Transaction Analysis Stanfield Inc. entered into the

Cornerstone Exercise 2-23 (Algorithmic) Transaction Analysis Stanfield Inc. entered into the following transactions: a. Issued common shares to investors in exchange for $64,640 cash b. Borrowed $26,260 cash from Royal Bank. c. Purchased $8,000 of supplies on credit. d. Paid for the purchase in Transaction c. Required: Show the effect of each transaction using the following model. For those boxes in which no entry is required, leave the box blank. Enter decreases in account values as negative numbers. Shareholders' Equity Liabilities Assets Share Retained + Capital Earnings a. b. d

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