Question

During 2022, Martinez Corp. entered into the following transactions. 1. Borrowed $60,100 by issuing bonds. 2....

During 2022, Martinez Corp. entered into the following transactions.

1. Borrowed $60,100 by issuing bonds.
2. Paid $9,480 cash dividend to stockholders.
3. Received $18,500 cash from a previously billed customer for services performed.
4. Purchased supplies on account for $4,600.



Using the following tabular analysis, show the effect of each transaction 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 3-4 for example.)

Assets

=

Liabilities

+

Stockholders’ Equity

Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock +

Retained Earnings
Dividends

(1)

$enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount

(2)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

(3)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

(4)

enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount

Homework Answers

Answer #1

Using the following tabular analysis, show the effect of each transaction 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 3-4 for example.)

Assets

=

Liabilities

+

Stockholders’ Equity

Cash + Accounts Receivable + Supplies = Accounts Payable + Bonds Payable + Common Stock +

Retained Earnings
Dividends

(1)

60100 60100

(2)

-9480 -9480

(3)

18500 -18500

(4)

4600 4600
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