Reference no: EM13555515
McBride Company entered into these transactions during May 2010.
1. Purchased computers for office use for $30,000 from Dell on account.
2. Paid $4,000 cash for May rent on storage space.
3. Received $12,000 cash from customers for contracts billed in April.
4. Provided computer services to Brieske Construction Company for $5,000 cash.
5. Paid Southern States Power Co. $11,000 cash for energy usage in May.
6. Stockholders invested an additional $40,000 in the business in exchange for common stock of the company.
7. Paid Dell for the computers purchased in (1).
8. Incurred advertising expense for May of $1,000 on account.
Instructions
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin.
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Assets
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=
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Liabilities
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+
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Stockholders' Equity
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Accounts
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Office
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=
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Accounts
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Common
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Retained Earnings
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Cash
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+
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Receivables
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+
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Equipments
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Payable
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Stock
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+
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Revenues
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-
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Expenses
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-
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Dividends
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