Fieldstone Company Was Founded on January 1, Year 1

Essay

Fieldstone Company was founded on January 1, Year 1. During Year 1, the company experienced the following events:
Received cash revenue of $25,500Paid cash expenses of $20,000Issued common stock for $30,000 cashPaid cash dividend of $2,000 to stockholders.
Required: Write an accounting equation and record effects of each accounting event under appropriate general ledger account headings, showing dollar amounts of increases and decreases and totals at the end of the year. Enter 0 for items not affected.Prepare the Year 1 income statement and balance sheet for Fieldstone Company.