Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how to fill out? Practice Problem 01 a, b1-63 (Part Level Submission) On August 31, balance sheet of Sunland Company showed Cash $11,000, Accounts Receivable

how to fill out?image text in transcribed

Practice Problem 01 a, b1-63 (Part Level Submission) On August 31, balance sheet of Sunland Company showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $14,750, and Retained Eamings $950. During September, the following transactions Cccurred 1. Paid $2,700 cash for accounts payable due 2. Collected $2.250 of accuunts receivable. 3. Purchased additional equipment for $2,150, paying $600 in cash and the balance on account. 1. Recognized revenue of $7,550, of which $1,750 is collected in cash and the balance is due in October 5. Dedared and paid a $1,450 cash dividend. 6. Paid salaries $2,400, rent for September $1,100, and advertising expense $100. 7. Incurred utilities expense for month on account $200. 8. Received $10,000 from Capital Bank on a 6-month note payable. Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities particular Asset, Liability or Equity Item that was reduced. See Illustration 1-8 for example.) Sunland Company Assets Liabilities Stockholders' Equity Accounts Notes Accounts Common Retained Cash Receivable Supplies - Equipment Payable * Payable + Stock Earnings Revenues Expenses Dividends Bal $ 1. 2. 3. 4. 5. 6. 7. 8. Il I Attempts: 0 of 1 used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Debates On Politics And Public Administration In The Postmodern Era

Authors: Ă–mer Ugur, Kadir Caner Dogan

1st Edition

3631796331, 9783631796337

More Books

Students also viewed these Accounting questions

Question

Understand the post-crisis debate on HRM and pedagogy

Answered: 1 week ago