Question: Please help with this financial accounting problem. Will be sure to leave a review. Thank you! Problem 2 (16.5 points) Heavey and Lovas Furniture Repair
Problem 2 (16.5 points) Heavey and Lovas Furniture Repair Service, a company with two stockholdens, began operations on June 1, 2016. The following T-accounts indicated the activities for the month of June. Part A- For each of the events (a)-(0), explain what transaction resulted. For full credit, explain which account increased and/or decreased and the event which occurred. Transaction (a) has been completed as an example. Accounts Service Revenue 2,000 (d) 5,000 (e) (a) 17,000 10,000 (b) (e) 5,000 1,500 (c) (O 1,800 Unearned Revenue Utilities 1,800 () (d) 2,000 (e) 1,500 Note Payable due 2018 40,000 (b) Build (b) 50,000 Common Stock 17,000 (a) (a) Issued common stock for $17,000 cash. Common stock increased and cash increased. (0
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