On August 31, the balance sheet of Splish Brothers Inc. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $13,700, and Retained Earnings $1,000. During September, the following transactions occurred. 1. 2. 3. 4. 5. 6. 7. 8. (a) Paid $2,000 cash for accounts payable due. Collected $1,300 of accounts receivable. Purchased additional equipment for $2,000, paying $800 in cash and the balance on account. Recognized revenue of $7,350, of which $2,750 is collected in cash and the balance is due in October. Declared and paid a $800 cash dividend. Paid salaries $2,150, rent for September $1,100, and advertising expense $150. Incurred utilities expense for month on account $270. Received $11,500 from Capital Bank on a 6-month note payable. Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' 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 1-8 for example.)
On August 31, the balance sheet of Splish Brothers inc, showed Cash $10,000. Accounts Receivable $2,700,5upplies$600, Equipment $6,000, Accounts Payable $4,600, Common Stock $13,700, and Retained Earnings $1,000. During September, the following transactions occurred. 1. Paid $2,000 cash for accounts payable due. 2. Collected $1,300 of accounts receivable: 3. Purchased additional equipment for $2,000, paying $800 in cash and the balance on account. 4. Recognized revenue of $7,350, of which $2,750 is collected in cash and the balance is due in October. 5. Declared and paid a $800 cash dividend. 6. Paid salaries $2,150, rent for September $1,100, and advertising expense $150. 7. Incurred utilities expense for month on account $270 8. Received $11,500 from Capital Bank on a 6-month note payable. (a) Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particuiar Asset, Liability or Equity item that was reduced. See lillustration 1-8 for example.)
