On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $10,383, Accounts Receivable $3,783, Supplies $600, Equipment $6,000, Accounts Payable $5,683, Common Stock $14,101, and Retained Earnings $982 During September, the following transactions occurred 1 Paid $2,465 cash for accounts payable due 2 Collected $2,194 of accounts receivable 3 Purchased additional equipment for $2,816, paying $875 in cash and the balance on account 4 Recognized revenue of $7,504, of which $3,046 is collected in cash and the balance is due in October 5 Declared and paid a $2,255 cash dividend 6 Paid salaries $2,249, rent for September $1,024, and advertising expense $170 7 Incurred utilities expense for month on account $179 8 Received $14,746 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 )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 10, 2024

On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $10,383, Accounts Receivable $3,783, Supplies $600, Equipment $6,000, Accounts Payable $5,683, Common

On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $10,383, Accounts Receivable $3,783, Supplies $600, Equipment $6,000, Accounts Payable $5,683, Common Stock $14,101, and Retained Earnings $982. During September, the following transactions occurred.

1.		Paid $2,465 cash for accounts payable due.
2.		Collected $2,194 of accounts receivable.
3.		Purchased additional equipment for $2,816, paying $875 in cash and the balance on account.
4.		Recognized revenue of $7,504, of which $3,046 is collected in cash and the balance is due in October.
5.		Declared and paid a $2,255 cash dividend.
6.		Paid salaries $2,249, rent for September $1,024, and advertising expense $170.
7.		Incurred utilities expense for month on account $179.
8.		Received $14,746 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.)