Reference no: EM131822985

Problem - Nancy Tercek started a delivery service, Tereek Deliveries, on June 1, 2017. The following transactions Occurred during the month June.

June 1 Stockholders Invested $24,800 cash In the business In exchange for common stock.

June 2 Purchased a used van for deliveries for $14,500. Nancy paid $3,900 cash and signed a note payable for the remaining balance.

June 3 Paid $600 for office rent for the month. 5 Performed $5,100 of services on account.

June 9 Declared and paid $200 in cash dividends.

June 12 Purchased supplies for $100 on account.

June 15 Received a cash payment of $1,300 for services performed on June 5.

June 17 Purchased gasoline for $300 on account.

June 20 Received a cash payment of $1,700 for services provided.

June 23 Made a cash payment of $400 on the note payable.

June 26 Paid $150 for utilities.

June 29 Paid for the gasoline purchased on account on June 17.

June 30 Paid $2,660 for employee salaries.

Required - Show the effects of the previous transactions on the accounting equation.