On Jаnuаry 1, 2021, Dunder Mifflin Inc. hаd tоtal assets оf $545,000 and tоtal stockholders' equity of $330,000. Some of the transactions carried out by Dunder Mifflin during January 2021 are listed below. Determine the direction and amount of the effect of each transaction on the total assets, the total liabilities, and the owners' equity of Dunder Mifflin. Use the symbols + for increase, - for decrease, and NE for no effect. An answer is provided for Transaction 1 to serve as an example. NOTE: If you are having trouble clicking on any field, try using the Tab key to switch between fields. Transaction 1: Issued capital stock to Michael Scott in exchange for his investment of $200,000 cash. Total Assets ($) +200,000 Total Liabilities ($) NE Total Equity ($) +200,000 Transaction 2: Borrowed $20,000 from the bank. Total Assets ($) [1] Total Liabilities ($) [2] Total Equity ($) [3] Transaction 3: Purchased $5,300 of supplies on account. Total Assets ($) [4] Total Liabilities ($) [5] Total Equity ($) [6] Transaction 4: Performed services worth $28,000 on account to customers. Total Assets ($) [7] Total Liabilities ($) [8] Total Equity ($) [9] Transaction 5: Used $1,200 of supplies previously purchased. Total Assets ($) [10] Total Liabilities ($) [11] Total Equity ($) [12] Transaction 6: Purchased a $47,000 machine by paying $15,000 in cash and signing a note payable for the balance. Total Assets ($) [13] Total Liabilities ($) [14] Total Equity ($) [15] Transaction 7: Received $13,000 from customers on account. Total Assets ($) [16] Total Liabilities ($) [17] Total Equity ($) [18] Transaction 8: Signed a contract with a landscaping company, agreeing to pay $1,500 to perform landscaping services at the company headquarters. The services will be performed next month and payment is due within 30 days of the completed services. Total Assets ($) [19] Total Liabilities ($) [20] Total Equity ($) [21] Transaction 9: Declared and paid a dividend of $3,200 to stockholders. Total Assets ($) [22] Total Liabilities ($) [23] Total Equity ($) [24]
On Jаnuаry 1, 2021, Dunder Mifflin Inc. hаd tоtal assets оf $545,000 and tоtal stockholders' equity of $330,000. Some of the transactions carried out by Dunder Mifflin during January 2021 are listed below. Determine the direction and amount of the effect of each transaction on the total assets, the total liabilities, and the owners' equity of Dunder Mifflin. Use the symbols + for increase, - for decrease, and NE for no effect. An answer is provided for Transaction 1 to serve as an example. NOTE: If you are having trouble clicking on any field, try using the Tab key to switch between fields. Transaction 1: Issued capital stock to Michael Scott in exchange for his investment of $200,000 cash. Total Assets ($) +200,000 Total Liabilities ($) NE Total Equity ($) +200,000 Transaction 2: Borrowed $20,000 from the bank. Total Assets ($) [1] Total Liabilities ($) [2] Total Equity ($) [3] Transaction 3: Purchased $5,300 of supplies on account. Total Assets ($) [4] Total Liabilities ($) [5] Total Equity ($) [6] Transaction 4: Performed services worth $28,000 on account to customers. Total Assets ($) [7] Total Liabilities ($) [8] Total Equity ($) [9] Transaction 5: Used $1,200 of supplies previously purchased. Total Assets ($) [10] Total Liabilities ($) [11] Total Equity ($) [12] Transaction 6: Purchased a $47,000 machine by paying $15,000 in cash and signing a note payable for the balance. Total Assets ($) [13] Total Liabilities ($) [14] Total Equity ($) [15] Transaction 7: Received $13,000 from customers on account. Total Assets ($) [16] Total Liabilities ($) [17] Total Equity ($) [18] Transaction 8: Signed a contract with a landscaping company, agreeing to pay $1,500 to perform landscaping services at the company headquarters. The services will be performed next month and payment is due within 30 days of the completed services. Total Assets ($) [19] Total Liabilities ($) [20] Total Equity ($) [21] Transaction 9: Declared and paid a dividend of $3,200 to stockholders. Total Assets ($) [22] Total Liabilities ($) [23] Total Equity ($) [24]
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