Blossom Company had the following selected transactions. 1. Kim Leppard invested $6,337 cash in the business...
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Blossom Company had the following selected transactions. 1. Kim Leppard invested $6,337 cash in the business in exchange for common stock. 2. Paid office rent of $1,204. 3. Performed consulting services and billed a client $5,957. 4. Declared and paid a $760 cash dividend. (a) Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Stockholders' Equity), using plus and minus signs. Assets = Liabilities + Stockholders' Equity V = 1. 2. 3. 4. Blossom Company had the following selected transactions. 1. Kim Leppard invested $6,337 cash in the business in exchange for common stock. 2. Paid office rent of $1,204. 3. Performed consulting services and billed a client $5,957. 4. Declared and paid a $760 cash dividend. (a) Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Stockholders' Equity), using plus and minus signs. Assets = Liabilities + Stockholders' Equity V = 1. 2. 3. 4.
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SOLUTION A ASSETS LIABILITIESOWNERS EQUITY 1 INVESTMENT 2 expense 3 revenue 4 I... View the full answer
Related Book For
Probability and Statistics
ISBN: 978-0321500465
4th edition
Authors: Morris H. DeGroot, Mark J. Schervish
Posted Date:
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