Reference no: EM132910524
Problem 1: Pink Floyd decides to open a pizza parlor near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in stockholders' equity.
(1) Pink Floyd invests $35,000 cash in exchange for common stock to start a pizza parlor business on June 1.
(2) Purchased equipment for $8,000 paying $2,000 in cash and the remainder due in 30 days.
(3) Purchased supplies for $1,500 cash.
(4) Received a bill from Campus News for $250 for advertising in the campus newspaper.
(5) Cash receipts from customers for pizza sales amounted to $1,200.
(6) Paid salaries of $300 to employees.
(7) Billed the Tiger Football Team $400 for pizzas ordered.
(8) Paid $250 to Campus News for advertising that was previously billed in Transaction 4.
(9) Pink Floyd was paid dividends of $1,000.
(10) Incurred utility expenses for month on account, $150.
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