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Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $21,000 cash. Paid $1,300 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. (a) 2 5 8 12 20 25 27 30 Earned $6,800 in revenue, receiving $900 cash and $5,900 on account of services provided. Incurred $400 in advertising expense on account. Paid $2,900 for repairs and maintenance expenses. Paid $4,600 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $1,100. Declared and paid a $500 cash dividend. 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).)

Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $21,000 cash. Paid $1,300 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. (a) 2 5 8 12 20 25 27 30 Earned $6,800 in revenue, receiving $900 cash and $5,900 on account of services provided. Incurred $400 in advertising expense on account. Paid $2,900 for repairs and maintenance expenses. Paid $4,600 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $1,100. Declared and paid a $500 cash dividend. 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).)

FINANCIAL ACCOUNTING
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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Subject - Acounting

Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 2 (a) 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).) Sept. 1 Sept. 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 Issued common shares in exchange for $21,000 cash. Paid $1,300 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. Earned $6,800 in revenue, receiving $900 cash and $5,900 on account of services provided. Incurred $400 in advertising expense on account. Paid $2,900 for repairs and maintenance expenses. Paid $4,600 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $1,100. Declared and paid a $500 cash dividend. Sept. 30 Cash Assets Accounts Receivable Equipment = Acc E
Transcribed Image Text:Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 2 (a) 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).) Sept. 1 Sept. 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 Issued common shares in exchange for $21,000 cash. Paid $1,300 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. Earned $6,800 in revenue, receiving $900 cash and $5,900 on account of services provided. Incurred $400 in advertising expense on account. Paid $2,900 for repairs and maintenance expenses. Paid $4,600 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $1,100. Declared and paid a $500 cash dividend. Sept. 30 Cash Assets Accounts Receivable Equipment = Acc E
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