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On August 31, the balance sheet of Monty Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies...

On August 31, the balance sheet of Monty Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,050, and Retained Earnings $650. During September, the following transactions occurred.

1. Paid $3,800 cash for accounts payable due.
2. Collected $1,650 of accounts receivable.
3. Purchased additional equipment for $2,200, paying $850 in cash and the balance on account.
4. Recognized revenue of $8,800, of which $3,400 is collected in cash and the balance is due in October.
5. Declared and paid a $1,000 cash dividend.
6. Paid salaries $2,600, rent for September $1,100, and advertising expense $100.
7. Incurred utilities expense for month on account $370.
8. Received $10,000 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.

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ekkarill92 answered 2 years ago
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