E3-11 Selected transactions for F.heroe Corporation during its first month in business are presented below. Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance Sept. 1 on account. Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. 8. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivab holders' Equity. For transactions affecting stockholders' equity, provide explanations in the right margin, as shown on page 110. (b) Journalize the transactions. Do not provide explanations. (c) Post the transactions to T-accounts. + Equipment = Accounts Payable + Stock-

E3-11 Selected transactions for F.heroe Corporation during its first month in business are presented below. Issued common stock in exchange for $20,000 cash received from investors. 5 Purchased equipment for $9,000, paying $3,000 in cash and the balance Sept. 1 on account. Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $4,000 cash on balance owed for equipment. 30 Paid $500 cash dividend. 8. Protheroe's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense. Instructions (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivab holders' Equity. For transactions affecting stockholders' equity, provide explanations in the right margin, as shown on page 110. (b) Journalize the transactions. Do not provide explanations. (c) Post the transactions to T-accounts. + Equipment = Accounts Payable + Stock-

Name: E3-11 Selected transactions for F.heroe Corporation during its first
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Description: E3-11 Selected transactions for F.heroe Corporation during its first month in businessare presented below.Issued common stock in exchange for $20,000 cash received from investors.5 Purchased equipment for $9,000, paying $3,000 in cash and the balanc

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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