08:31 AM / Remaining 61 min CALCULATOR PRINTER VERSION BACK NEXT Practice Problem 01 a, b1-63 On August 31, the balance sheet of Wildhorse Co. showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $14,950, and Retained Earnings $750. During September, the following transactions occurred. 1. Paid $2.400 cash for accounts payable due 2. Collected $2,250 of accounts receivable. 3. Purchased additional equipment for $1,550, paying $750 in cash and the balance on account. Recognized revenue of $8,350, of which $3,500 is collected in cash and the balance is due in October 5. Declared and paid a $2,400 cash dividend. 6. Paid salaries $1,750, rent for September $1,200, and advertising expense $150. 7. Incurred utilities expense for month on account $330. Received $13,500 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 em that was reduced. See Illustration I-8 for example) Assets Accounts Receivable Wildhorse Co. Liabilities Notes Accounts Payable Payable Common Stock Stockholders' Equity Retained Earnings Revenues Expenses Cash Supplies Equipment Dividends Bal $ $ $ $