art Level Submission)
Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.
June 1
Stockholders invested $19,958 cash in the business in exchange for common stock.
2
Purchased a used van for deliveries for $14,748. Matt paid $3,349 cash and signed a note payable for the remaining balance.
3
Paid $579 for office rent for the month.
5
Performed $4,644 of services on account.
9
Declared and paid $368 in cash dividends.
12
Purchased supplies for $218 on account.
15
Received a cash payment of $1,186 for services provided on June 5.
17
Purchased gasoline for $289 on account.
20
Received a cash payment of $1,529 for services provided.
23
Made a cash payment of $583 on the note payable.
26
Paid $305 for utilities.
29
Paid for the gasoline purchased on account on June 17.
30
Paid $2,298 for employee salaries.
(a)
Show the effects of the previous transactions on the accounting equation.
(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 was reduced. See Illustration 1-8 for example.)
STINER DELIVERIES
Assets
=
Liabilities
+
Stockholders' Equity
Retained Earnings
Date
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Revenues
–
Expenses
–
Dividends
June 1
$
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$
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$
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$
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$
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$
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$
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$
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$
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$
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2
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3
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5
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15
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17
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20
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.
art Level Submission)Matt Stiner started a delivery service, Stine.docx
1. art Level Submission)
Matt Stiner started a delivery service, Stiner Deliveries, on June
1, 2014. The following transactions occurred during the month
of June.
June 1
Stockholders invested $19,958 cash in the business in exchange
for common stock.
2
Purchased a used van for deliveries for $14,748. Matt paid
$3,349 cash and signed a note payable for the remaining
balance.
3
Paid $579 for office rent for the month.
5
Performed $4,644 of services on account.
9
Declared and paid $368 in cash dividends.
12
Purchased supplies for $218 on account.
15
Received a cash payment of $1,186 for services provided on
June 5.
17
Purchased gasoline for $289 on account.
20
Received a cash payment of $1,529 for services provided.
2. 23
Made a cash payment of $583 on the note payable.
26
Paid $305 for utilities.
29
Paid for the gasoline purchased on account on June 17.
30
Paid $2,298 for employee salaries.
(a)
Show the effects of the previous transactions on the accounting
equation.
(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 was reduced. See Illustration 1-8 for example.)
STINER DELIVERIES
Assets
=
Liabilities
+
Stockholders' Equity
