Question
B Based on the following transactions, complete the table shown below. a. A b. shareholder paid Southgate Inc. $75,000 cash for share capital in
B Based on the following transactions, complete the table shown below. a. A b. shareholder paid Southgate Inc. $75,000 cash for share capital in the business. Southgate Inc. purchased supplies by paying $900 cash. c. Southgate Inc. purchased $100 of supplies on credit. d. e. Southgate Inc. collected $1,800 for commissions earned today. Southgate Inc. bought $500 of supplies paying $100 cash and $400 on account. f. Southgate Inc. purchased $900 of supplies on credit. g. A client rented equipment for $5,000 cash. h. $100 of supplies purchased on credit in transaction (c) were found to be defective. They were returned. i. Furniture was rented by a customer for $1,000 cash. j. Southgate Inc. paid dividends of $2,400 to the shareholders.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started