Grant Hylton Started a Consulting Business, Hylton Consulting, on January

Essay

Grant Hylton started a consulting business, Hylton Consulting, on January 1, Year 1, and the business engaged in the following transactions during the year:1)Issued $40,000 of common stock for cash2)Provided services on account, $46,5003)Incurred $37,500 of operating expense, but only paid $32,000 of this amount4)Collected $39,000 of the revenue that was previously recorded on account5)Paid a cash dividend of $4,000 to the stockholders
Required:a)Show the effects of the above transactions on the accounting equation