Please help complete the ones in red Stockholders invested $29,427 cash in the c

Question

Please help complete the ones in red

Stockholders invested $29,427 cash in the company in exchange for common stock. Paid $658 cash for April office rent. Purchased office equipment for $3,787 cash. Purchased $120 of advertising in the Chicago Tribune, on account. Paid $429 cash for office supplies. Performed services worth $12,793. Cash of $2,138 is received from customers, and the balance of $10,655 is billed to customers on account. Paid $343 cash dividends. Paid Chicago Tribune amount due in transaction (4). Paid employees' salaries $1,434. Received $10,655 in cash from customers billed previously in transaction (6). Prepare a tabular analysis of the above transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset Liability or Equity item that we reduced. See Illustration 3-3 for example.)

Explanation / Answer

Answer for question no.a:

Answer for question no.b:

S.No Cash Accounts receivables Supplies Equipment Accounts Payables Commonstock revenues Expenses Dividends Notes 1 $29,427.00 $29,427.00 2 -$658.00 -$658.00 3 -$3,787.00 $3,787.00 4 $120.00 -$120.00 5 -$429.00 $429.00 6 $2,138.00 $10,655.00 $12,793.00 As the services are performed on account partly, amount received in cash is entered in cash and the balance in accounts receivables. As this is revenue, this is to be included in revenues. 7 -$343.00 $343.00 8 -$120.00 -$120.00 As the amount is paid for clearing payables, cash is entered in negative sign and then accounts payables also decreases as the payment is made. 9 -$1,434.00 -$1,434.00 10 $10,655.00 -$10,655.00 Total $35,449.00 $0.00 $429.00 $3,787.00 $0.00 $29,427.00 $12,793.00 -$2,212.00 $343.00

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