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Based on the following transactions, complete the table shown below. a. The business issued shares to shareholders for $25,000. b. $300 of commissions were earned
Based on the following transactions, complete the table shown below. a. The business issued shares to shareholders for $25,000. b. $300 of commissions were earned and collected today by Southgate Inc. c. Southgate Inc. rented machinery to a customer on credit; $1,500. d. A client rented equipment for $7,000 cash e. Southgate Inc. collected $1,600 for commissions earned today. f. Southgate Inc. purchased $1,500 of equipment on credit. g. One of Southgate Inc.'s clients rented equipment today for $1,800 on credit h. Furniture was rented by a customer for $1,300 cash. i. Southgate Inc. provided $2,000 of consulting services for a customer who will pay within 30 days. j. Southgate Inc. paid dividends of $1,000 to the shareholders. To complete the table shown below, identify the headings for each column by clicking on the appropriate cell and making a selection. Use addtions (sign) and subtractions (sign to show the transactions' effects on the elements of the equation. Show new totals after each transaction (no or-sign is required for totals). Also indicate next to each change in equity (in the explanation column) whether it was caused by the issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. If a transaction does not affect equity, no explanation is required. Do not leave any balances blank, unless the balance is zero. Cash (a) 25,000 Assots Supplies (b) 300 Liabilities Equity Share Capital Retained Earnings 25,000 300 Explanation Commissions Eamed Bal. 25,000 (c) Bal (d) Bal. (0) Bal ON
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