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Selected transactions for Ivanhoe Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $19,000 cash. Paid $1,500 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,200 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend.

Selected transactions for Ivanhoe Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $19,000 cash. Paid $1,500 cash for rent for the month of September. Purchased equipment for $10,400, paying $2,200 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.11AMCP: Entries Prepared from a Trial Balance and Proof of the Cash Balance Russell Company was incorporated...
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Selected transactions for Ivanhoe Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $19,000 cash. 2 Paid $1,500 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,200 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend.
Transcribed Image Text:Selected transactions for Ivanhoe Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $19,000 cash. 2 Paid $1,500 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,200 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend.
(c) Post the transactions to Taccounts. (Post entries in the order presented in the problem.) Cash Equipment Accounts Payable Common Shares Dividends Declared Service Revenue Rent Expense Repairs and Maintenance Expense Income Tax Expense Advertising Expense
Transcribed Image Text:(c) Post the transactions to Taccounts. (Post entries in the order presented in the problem.) Cash Equipment Accounts Payable Common Shares Dividends Declared Service Revenue Rent Expense Repairs and Maintenance Expense Income Tax Expense Advertising Expense
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