Problem 1-4A (Part Level Submission)Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.June 1 Stockholders invested $14,493 cash in the business in exchange for common stock.2 Purchased a used van for deliveries for $14,932. Matt paid $3,189 cash and signed a note payable for the remaining balance.3 Paid $669 for office rent for the month.5 Performed $4,502 of services on account.9 Declared and paid $203 in cash dividends.12 Purchased supplies for $109 on account.15 Received a cash payment of $1,468 for services provided on June 5.17 Purchased gasoline for $124 on account.20 Received a cash payment of $1,385 for services provided.23 Made a cash payment of $531 on the note payable.26 Paid $122 for utilities.29 Paid for the gasoline purchased on account on June 17.30 Paid $1,255 for employee salaries. (a)Show the effects of the previous transactions on the accounting equation.
(If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
STINER DELIVERIES
Assets =
Liabilities +
Stockholders’ Equity
Retained Earnings
Date
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
=
Notes
Payable
+
Accounts
Payable
+
Common
Stock
+
Revenues
–
Expenses
–
Dividends
June 1 $ $ $ $ $ $ $ $ $ $ 2 3 5 9 12 15 17 20 23 26 29 30 $ $ $ $ = $ $ $ $ $ $
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