Question - 1) Beckowsik Company began business in June and completed the following transactions:
A) Received $50,000 cash and issued common stock to the stockholders.
B) Purchased supplies for $5,000 on account.
C) Received and paid utilities bill of $2,000 for the month.
D) Performed services for a customer and billed the customer $6,000.
E) Received $3,000 from the customer on account.
F) Paid for the supplies purchased on account.
G) Purchased equipment for $10,000 on account.
H) Declared and paid dividends of $2,200.
Required:
1. Record the effects of the above transactions on the accounting equation.
2. Prove the accounting equation using the final balances in the accounts.