Reference no: EM132813225

During 2022, its first year of operations as a delivery service, Sheffield Corp. entered into the following transactions.

1. Issued shares of common stock to investors in exchange for $195,000 in cash.

2. Borrowed $46,000 by issuing bonds.

3. Purchased delivery trucks for $51,000 cash

4. Received $18,000 from customers for services performed

5. Purchased supplies for $3,600 on account.

6. Paid rent of $4,700.

7. Performed services on account for $11,700.

8. Paid salaries of $28,200.9.Paid a dividend of $11,700 to shareholders.

Problem 1: Show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the far right column.