Complete the following chart. Transaction 1. Owners contributed $28,300 cash 2.

Question

Complete the following chart. Transaction 1. Owners contributed $28,300 cash 2. Purchased land for $21,200 cash. 3. Borrowed $9,100 cash from bank. 4. Provided services for $7,500 on account. 5. Paid $5,600 cash for expenses. 6. Paid $500 cash dividend to owners. Net effect AssetsLiabilities Shareholders' Equity Assets Liabilities Shareholders' Equity Accounts Receivable Trans Cash Land - Notes Payable Common Stock Reatined Earnings 3. 4 5. 6. Tota Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Chart :

Assets = Liabilities + Stockholder's equity Trans Cash + Account receivable + Land = Notes payable + Common Stock + Retained earnings 1. $28300 $28300 2 -$21200 $21200 3. $9100 $9100 4 $7500 $7500 5 -$5600 -$5600 6 -$500 -$500 Total $10100 + $7500 + $21200 = $9100 + $28300 + $1400

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