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 DateSep1d58Cash($ 20,0001-17002200111001-270025 1490027-80030 400]8400Assets+ AccountReceivable65006500+Liabilities+Equipment Account + Common + Revenue & Expenses - DividendsStockholder'sRetained-($ 20,00098009800=7600[4.00]-49003100ملے006160076001-17001-400-2700-800-5600-400400No View PoliciesShow Attempt HistoryCurrent Attempt in Progress(a)Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:Sept.2581 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.1220252730

Cash Date Particulars Amount Date Particulars Amount 1-Sep-18 Capital $…

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

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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Question

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

View Policies
Show Attempt History
Current Attempt in Progress
(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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