Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. (a) 1 2 5 8 12 20 25 27 30 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.
Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. (a) 1 2 5 8 12 20 25 27 30 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Question 2 of 10
View Policies
Current Attempt in Progress
Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:
Sept.
(a)
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.
2
5
8
12
20
25
27
30
Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balance
then enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)
Cash
Assets
-/4 E :
Accounts
Receivable
Fauinment
Liabilities
Accounts Payabl

Transcribed Image Text:Question 2 of 10
Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balance
then enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)
Sept. 1
Sept. 2
Sept. 5
Sept. 8
Sept. 12
Sept. 20
Sept. 25
Sept. 27
Sept. 30
Cash
eTextbook and Media
List of Accounts
I
+
Assets
Accounts
Receivable
LUNE
+
Equipment.
-/4 = 1
=
Liabilities
Accounts Payabl
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