Giambrone Corporation began business operations and experienced the following transactions during 2013:
1) Issued common stock for $15,000 cash.
2) Issued a $10,000, 6% 4-year note to the bank on February 1.
3) Provided services to customers for $40,000 cash.
4) Paid $19,000 for operating expenses.
5) Accrued interest expense on the note.
6) Paid a $2,000 dividend to shareholders.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Giambrone's financial statements.

Question

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The Answer of Giambrone Corporation began business operations and experienced the following transactions during 2013:
1) Issued common stock for $15,000 cash.
2) Issued a $10,000, 6% 4-year note to the bank on February 1.
3) Provided services to customers for $40,000 cash.
4) Paid $19,000 for operating expenses.
5) Accrued interest expense on the note.
6) Paid a $2,000 dividend to shareholders.
Required:
Record the above transactions on a horizontal statements model to reflect their effect on Giambrone's financial statements.

Giambrone Corporation Began Business Operations and Experienced the Following Transactions