Received 50000 cash and issued common stock to the


Question - 1) Beckowsik Company began business in June and completed the following transactions:

A) Received $50,000 cash and issued common stock to the stockholders.

B) Purchased supplies for $5,000 on account.

C) Received and paid utilities bill of $2,000 for the month.

D) Performed services for a customer and billed the customer $6,000.

E) Received $3,000 from the customer on account.

F) Paid for the supplies purchased on account.

G) Purchased equipment for $10,000 on account.

H) Declared and paid dividends of $2,200.

Required:

1. Record the effects of the above transactions on the accounting equation.

2. Prove the accounting equation using the final balances in the accounts.

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Accounting Basics: Received 50000 cash and issued common stock to the
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