The Following Events Occurred for Jarvis Company During 2012, Its

question 160

Essay

The following events occurred for Jarvis Company during 2012, its first year in operation:
1. issued stock to investors for $35,000 cash
2. borrowed $15,000 cash from the local bank
3. provided services to its customers and received $22,000 cash
4. paid expenses of $18,000
5. paid $12,000 cash for land
6. paid dividend of $2,000 to stockholders
7. repaid $2,000 of the loan listed in item 2
Required:
Show the effects of the above transactions on the accounting equation, below. Include dollar amounts of increases and decreases. The first is done for you. After entering all the events, calculate the total amounts of assets, liabilities, and equity at the end of the year.

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Definitions:

Below Normal

Indicative of measurements or conditions that are less than the typical or expected standard.

Immunity

The ability of an organism to resist a particular infection or toxin by the action of specific antibodies or sensitized white blood cells.

White Blood Cells

Cells of the immune system that are involved in protecting the body against both infectious disease and foreign invaders.

Fibrinogen

A blood plasma protein that's critical in blood clot formation, converting to fibrin in the clotting process.