(Solved): The Creative Frames Shop, Inc. was started by Rosa Partridge in a small shopp ...

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The Creative Frames Shop, Inc. was started by Rosa Partridge in a small shopping center. In the first weeks of operation, she completed the following transactions: a. Deposited $$\$21,000$$ in cash in the name of the company, in exchange for 2,100 shares of $$\$10$$ par value stock of the corporation. b. Paid the current month's rent, $$\$1,500$$. c. Purchased store equipment on credit, $$\$10,800$$. d. Purchased framing supplies for cash, $$\$5,100$$. e. Received framing revenues, $$\$2,400$$. f. Billed customers for services, $$\$2,100$$. g. Paid utility expense, $$\$750$$. h. Received payment from customers in transaction $$f,\$600$$. i. Made payment on store equipment purchased in transaction $$\mathbf{c},\$5,400$$. j. Declared and paid dividends of $$\$1,200$$. 1. Arrange the following asset, liability, and stockholders' equity accounts in an equation similar to Exhibit 1-1: Cash, Accounts Receivable, Framing Supplies, Store Equipment, Accounts Payable, Common Stock, and Retained Earnings. 2. Show by addition and subtraction, as in Exhibit 1-1, the effects of the transactions on the accounting equation. Show new balances after each transaction, and identify each stockholders' equity transaction by type.