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Hello! I need help with the following accounting question. We have to fill out this tubular analysis based on the numbers above. Thank you in
Hello! I need help with the following accounting question. We have to fill out this tubular analysis based on the numbers above. Thank you in advance!
On August 31, the balance sheet of Metlock, Inc. showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $15,100, and Retained Earnings $600. During September, the following transactions occurred. 1. Paid $3,700 cash for accounts payable due. 2. Collected $2,050 of accounts receivable. 3. Purchased additional equipment for $1,950, paying $750 in cash and the balance on account. 4. Recognized revenue of $8,700, of which $3,050 is collected in cash and the balance is due in October. 5. Declared and paid a $1,250 cash dividend. 6. Paid salaries $1,750, rent for September $1,100, and advertising expense $150. 7. Incurred utilities expense for month on account $300. 8. 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.) 5. 6. 7. 8Step by Step Solution
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