During 2017, its first year of operations as a delivery service, Flounder Corp. entered into the following transactions.

1.

Issued shares of common stock to investors in exchange for $137,000 in cash.

2.

Borrowed $55,000 by issuing bonds.

3.

Purchased delivery trucks for $63,000 cash.

4.

Received $18,000 from customers for services performed.

5.

Purchased supplies for $6,600 on account.

6.

Paid rent of $5,900.

7.

Performed services on account for $10,700.

8.

Paid salaries of $26,700.

9.

Paid a dividend of $11,500 to shareholders.

Assets

=

Liabilities

+

Stockholders’ Equity

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

=

Accounts Payable

+

Bonds Payable

+

Common Stock

+

Retained Earnings

Revenues

–

Expenses

–

Dividends

(1)

$

$

$

$

$

$

$

$

$

$

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

$

$

$

$

= 

$

$

$

$

$

$