Reference no: EM132979534
Nancy Tercek started a delivery service, Marigold Corp., on June 1, 2022. The following transactions occurred during the month of June.
June:
1 Stockholders invested $17,800 cash in the business in exchange for common stock.
2 Purchased a used van for deliveries for $15,000. Nancy paid $3,500 cash and signed a note payable for the remaining balance.
3 Paid $600 for office rent for the month.
5 Performed $4,700 of services on account.
9 Declared and paid $300 in cash dividends.
12 Purchased supplies for $100 on account.
15 Received a cash payment of $1,100 for services performed on June 5.
17 Purchased gasoline for $300 on account.
20 Received $1,600 cash for services performed.
23 Made a cash payment of $500 on the note payable.
26 Paid $300 for utilities.
29 Paid for the gasoline purchased on account on June 17.
30 Paid $1,190 for employee salaries.
Problem 1: Show the effects of the previous transactions on the accounting equation