Problem 2. Analyze the following transactions in terms of their effect on the basic accounting...
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Accounting
Problem 2. Analyze the following transactions in terms of their effect on the basic accounting equation. Record each transaction by increasing (+)or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. (1) Issued stock to investors for $12,000 in cash. (2) Purchased supplies on credit for $700. (3) Billed customers $400 for services provided. (4) Paid for supplies purchased in transaction 2. (5) Paid dividends of $300 cash to stockholders (6) Received half from customers billed in transaction 3. (7) Received and paid utility bill for $50. Transaction Cash Acc/Recv. +Supplies Acc/Payable+ Com/Stock +Ret/Earnings Balance Balance 1-1
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