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xercise 1-6A Effect of transactions on general ledger accounts Lt At the be counts and balances ginning of Year 2. Better Corp.'s accounting records had the following general ledger ac- ETTER CORP Acct. Titdes for RE Event Assets LiabilitiesStockholders' Equity Common Retained Stock Earnings Notes Payable Cash Land Balance 00V Year 2 Better Corp. completed the following transactions during Year 2: 1. Purchased land for $5,000 cash 2. Acquired $25,000 cash from the issue of common stock 3. Received $75,000 cash for providing services to customers. 4. Paid cas 5. Borrowed $10,000 cash from the bank 6. Paid a $5,000 cash dividend to the stockholders. 7. Determined that the market value of the land purchased in Event 1 is $35.000. Required . Record the transactions in the appropriate general ledger accounts. Record the amounts of reve- h operating expenses of $42,000. nue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table b. As of December 3, Year 2. determine the total amount of assets, liabilities, and stockholders equity and present this information in the form of an accounting equation. c. What is the amount of total assets, liabilities, and stockholders' equity as of January 1 Year 3

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