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On August 31, the balance sheet of Cullumber Company showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,100,
On August 31, the balance sheet of Cullumber Company showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,100, and Retained Earnings $600. During September, the following transactions occurred.
1. | Paid $1,900 cash for accounts payable due. | |
2. | Collected $1,300 of accounts receivable. | |
3. | Purchased additional equipment for $1,100, paying $700 in cash and the balance on account. | |
4. | Recognized revenue of $6,800, of which $1,500 is collected in cash and the balance is due in October. | |
5. | Declared and paid a $400 cash dividend. | |
6. | Paid salaries $1,700, rent for September $1,000, and advertising expense $100. | |
7. | Incurred utilities expense for month on account $170. | |
8. | Received $10,000 from Capital Bank on a 6-month note payable. |
Prepare a tabular analysis of the September transactions beginning with August 31 balances.
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