FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all
transactions involve the receipt or payment of cash.
Transactions for 2018
1. Acquired $85,000 by issuing common stock.
2. Received $135,000 cash for providing services to customers.
3. Borrowed $22,000 cash from creditors.
4. Paid expenses amounting to $53,000.
5. Purchased land for $35,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
$154,000
35,000
22,000
85,000
82,000
Cash
Land
Notes payable
Common stock
Retained earnings
1. Acquired an additional $27,000 from the issue of common stock.
2. Received $137,000 for providing services.
3. Paid $17,000 to creditors to reduce loan.
4. Paid expenses amounting to $68,000.
5. Paid a $11,500 dividend to the stockholders.
6. Determined that the market value of the land is $45,000.](https://content.bartleby.com/qna-images/question/f8151a55-1f97-4293-9574-706e6f6ba5ac/26eaca90-7851-48a1-9045-1030152c6340/o6et97u_processed.png)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Mark's Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all
transactions involve the receipt or payment of cash.
Transactions for 2018
1. Acquired $85,000 by issuing common stock.
2. Received $135,000 cash for providing services to customers.
3. Borrowed $22,000 cash from creditors.
4. Paid expenses amounting to $53,000.
5. Purchased land for $35,000 cash.
Transactions for 2019
Beginning account balances for 2019 are:
$154,000
35,000
22,000
85,000
82,000
Cash
Land
Notes payable
Common stock
Retained earnings
1. Acquired an additional $27,000 from the issue of common stock.
2. Received $137,000 for providing services.
3. Paid $17,000 to creditors to reduce loan.
4. Paid expenses amounting to $68,000.
5. Paid a $11,500 dividend to the stockholders.
6. Determined that the market value of the land is $45,000.
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req A 2018
Req A 2019
Record the effects of each accounting event under the appropriate headings for the year 2018. Record the amounts of revenue, expense, and
dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases
to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will
require input.)
Show lessA
MARK'S CONSULTING
Accounting Equation for 2018
Assets
Liabilities
Stockholders' Equity
%3D
Account Titles for
Event
Notes
Common
Retained
Retained Earnings
Cash
Land
+
+
Payable
Stock
Earnings
1.
+
2.
+
+
3.
+
4.
+
+
5.
+
Totals
+
+
+
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