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Business, 23.04.2020 17:15 gthif6088

Transactions for 2018 Acquired $70,000 by issuing common stock. Received $115,000 cash for providing services to customers. Borrowed $19,000 cash from creditors. Paid expenses amounting to $56,000. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $ 108,000 Land 40,000 Notes payable 19,000 Common stock 70,000 Retained earnings 59,000 Acquired an additional $23,000 from the issue of common stock. Received $134,000 for providing services. Paid $14,000 to creditors to reduce loan. Paid expenses amounting to $63,000. Paid a $13,000 dividend to the stockholders. Determined that the market value of the land is $50,000.

Required a. Record the effects of each accounting event under the appropriate headings for each year.

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Transactions for 2018 Acquired $70,000 by issuing common stock. Received $115,000 cash for providing...

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