Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
Post the transactions to T accounts .(post entries in the order (cash,account receivable,equipment, account payable common shares, dividens declared service revenue, rent expense, tax expenses, advertising expenses
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(a)
Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:
Sept.
2
5
8
1 Issued common shares in exchange for $20,000 cash.
Paid $1,700 cash for rent for the month of September.
Purchased equipment for $9,800, paying $2,200 in cash and the balance on account.
Earned $7,600 in revenue, receiving $1,100 cash and $6,500 on account of services provided.
Incurred $400 in advertising expense on account.
Paid $2,700 for repairs and maintenance expenses.
Paid $4,900 cash on balance owed for equipment.
Incurred and paid income taxes for the month amounting to $800.
Declared and paid a $400 cash dividend.
12
20
25
27
30
Definition Definition Act of publishing journal entries in their respective general ledger accounts to create a consolidated view of an account. At the end of the fiscal year, ledger accounts are balanced and account balances in every ledger are consolidated together to create the trial balance.
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![Date
Sep1
d
5
8
Cash
($ 20,000
1-1700
2200
11100
1-2700
25 14900
27-800
30 400]
8400
Assets
+ Account
Receivable
6500
6500
+
Liabilities
+
Equipment Account + Common + Revenue & Expenses - Dividends
Stockholder's
Retained
-
($ 20,000
9800
9800
=
7600
[4.00]
-4900
3100
ملے
006
1600
7600
1-1700
1-400
-2700
-800
-5600
-400
400
No](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F90933800-2eb7-4adc-b896-383bca003c50%2Fcee9e9fb-77bc-45c8-8dbc-1b76c04712ba%2Fw7ly91_processed.jpeg&w=3840&q=75)
