Transactional Analysis for Cooper, Inc
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Cooper, Inc., experienced the following events during 2004.
1. Acquired $55,000 cash from the issue of common stock.
2. Paid $15,000 cash to purchase land.
3. Borrowed $5,000 cash from First Bank.
4. Provided services for $21,000 cash.
5. Paid $1,500 cash for utilities expense.
6. Paid $11,000 cash for other operating expenses.
7. Paid a $2,000 cash dividend to the stockholders.
8. Determined that the market value of the land purchased in Event 2 is $20,000.
Required The January 1,
a. Record the eight events in the appropriate general ledger accounts. Record the amounts of revenue, expense, and dividends in the Retained Earnings column.
J & A, INC.
A Cooper, Inc.
Event Assets = Liabilities + Stockholder's
Equity
Balance Cash Land Notes Common Retained
Payable Stock Earnings
1/1/2004 12,000 20,000 0 15,000 17,000
ccounting Equation
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