Courtland Corp. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,500; Accounts Receivable: $4,500; Prepaid Insurance: $1,600; Equipment: $1,300; Accounts Payable: $12,200; Share Capital: $38,300; Dividends: $1,000; Rent Earned: $2,900; Utilities Expense: $4,500. The following transactions occurred during September. September 1 : Kelly Young (a shareholder), received share capital in Courtland Corp., after investing $15,000 cash and $30,000 worth of equipment in Courtland Corp. September 4 : Courtland Corp. bought $4,250 of equipment, using $1,000 cash and $3,250 on account. September 7 : Courtland Corp. purchased $1,000 of equipment on credit. September 9 : Courtland Corp. paid $600 towards the bill from transaction (b). September 12 : One of Courtland Corp.'s clients rented equipment today for $1,800 on credit. September 14 : Courtland Corp. received a bill today for this month's water utilities; $400. It will be paid within 30 days. September 15 : Collected $1,600 regarding a credit customer's account. September 18 : A client rented equipment for $1,600 cash. September 19 : Courtland Corp. paid $750 for equipment purchased today. September 22 : Courtland Corp. paid $300 for this month's electrical utilities bill received today. Required: Using the T-accounts provided in Excel, enter each account balance as of August 31 in the appropriate T-account. Record the transactions in Excel by entering the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. Ensure the balance of each account is reflected in the T-account. (HINT:it is already set up to calculate for you.)

Name: Courtland Corp. began operations on August 1, 2023, and showed the fol
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Description: Courtland Corp. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,500; Accounts Receivable: $4,500; Prepaid Insurance: $1,600; Equipment: $1,300; Accounts Payable: $12,200; Share Capital: $38,300; D

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Courtland Corp. began operations on August 1, 2023, and showed the following account balances at August 31. Cash: $40,500; Accounts Receivable: $4,500; Prepaid Insurance: $1,600; Equipment: $1,300; Accounts Payable: $12,200; Share Capital: $38,300; Dividends: $1,000; Rent Earned: $2,900; Utilities Expense: $4,500. The following transactions occurred during September.

September 1 : Kelly Young (a shareholder), received share capital in Courtland Corp., after investing $15,000 cash and $30,000 worth of equipment in Courtland Corp.

September 4 : Courtland Corp. bought $4,250 of equipment, using $1,000 cash and $3,250 on account.

September 7 : Courtland Corp. purchased $1,000 of equipment on credit.

September 9 : Courtland Corp. paid $600 towards the bill from transaction (b).

September 12 : One of Courtland Corp.'s clients rented equipment today for $1,800 on credit.

September 14 : Courtland Corp. received a bill today for this month's water utilities; $400. It will be paid within 30 days.

September 15 : Collected $1,600 regarding a credit customer's account.

September 18 : A client rented equipment for $1,600 cash.

September 19 : Courtland Corp. paid $750 for equipment purchased today.

September 22 : Courtland Corp. paid $300 for this month's electrical utilities bill received today.

Required:

Using the T-accounts provided in Excel, enter each account balance as of August 31 in the appropriate T-account.
Record the transactions in Excel by entering the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account.
Ensure the balance of each account is reflected in the T-account. (HINT:it is already set up to calculate for you.)

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