Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transactions were completed by Queens Delivery Service...

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Queens Delivery Service is owned and operated by Lisa Dewar. The following selected transactions were completed by Queens Delivery Service during June 1. Received cash in exchange for capital stock $18,000. 2. Paid creditors on account, $1,800. 3. Billed customers for delivery services on account, $12,500. 4. Received cash from customers on account, $6,900. 5. Paid Cash dividends, $4,000. Indicated the effect of each transaction on the accounting equation elements (Assets, Liabilities, Stockholders’ Equity, Dividends, Revenue, and Expensel. Also in indicated the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) is shown below. (1) Asset (Cash) increases by $18,000; Stockholders’ Equity (Capital Stock) increases by $18,000.
    • Posted: 7 years ago
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