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Identify how each of the events affected

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Question - Accounting Event Analysis and Financial Statement PreparationShareholders contributed $120,000 cash.

Smith & Co. experienced the following six events in its first year of operations:

1. Purchased land for $80,000 cash.

2. Borrowed $36,000 in cash from a bank.

3. Provided services for $32,000, which will be paid to Smith & Co. next year.

4. Paid $22,000 cash for miscellaneous operating expenses.

5. Paid a $2,000 cash dividend to shareholders.

Required - (a) Using the balance sheet equation as illustrated in this chapter, identify how each of the above six events affected the various accounts involved. (b) income statement, (c) a statement of shareholders' equity, (d) a balance sheet, and (e) a statement of cash flow for the first year of operations.

Reference no: EM132840948

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