N1.Account Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:Sept. 12(a)581220252730Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balancethen enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)Sept. 1Sept. 2Sept. 5Sept. 8Sept. 12Sept. 20Sept. 25Sept. 27Issued 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. 30CashAssetsAccountsReceivableEquipment=AccE

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Description: N1.Account Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below:Sept. 12(a)581220252730Prepare an equation analysis of the September transactions. Use the following format. (If an amou

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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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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