Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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
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
Transcribed Image Text: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
Transcribed Image Text: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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS