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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. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. (a) 12 8 20 25 27 30 Sept. 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 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 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 000 Assets Accounts Receivable 100000 III Equipment 00000000 Acc

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. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. (a) 12 8 20 25 27 30 Sept. 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 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 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 000 Assets Accounts Receivable 100000 III Equipment 00000000 Acc

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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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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