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Selected transactions for the Ivanhoe Corporation during its first month of operations are presented below: Sept. 1 2 4 10 Issued common shares for $17,000 cash. Performed $7,000 of services on account for a customer. Purchased equipment for $12,000, paying $4,000 in cash and borrowing the balance from the bank. Purchased $500 of supplies on account Received $3,500 cash in advance for architectural services to be provided next month. Paid $300 on account in partial payment of amount owing for supplies. (See September 10 transaction.) Collected $4,000 on account owing from customer. (see September 2 transaction.) 25 30 30 Account Debited Specific Account Account Credited Specific Account Sept. 1 Cash Common Shares 2 Accounts Receivable Service Revenue 4 Equipment Bank Loan Payable Cash 10 Supplies Accounts Payable 25 Cash Deferred Revenue 30 Accounts Payable Cash 30 Cash Accounts Receivable - Prepare an equation analysis. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.2 for example.) Assets Cash Accounts Receivable Sept. Supplies 1 $ $ $ 2 4 10 25 30 30 $ $

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