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On August 31, the balance sheet of Marigold Veterinary Clinic showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock
On August 31, the balance sheet of Marigold Veterinary Clinic showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $13,950, and Retained Earnings $750. During September, the following transactions occurred.
1. | Paid $2,200 cash for accounts payable due. | |
2. | Collected $1,650 of accounts receivable. | |
3. | Purchased additional equipment for $2,150, paying $900 in cash and the balance on account. | |
4. | Performed services worth $8,000, of which $2,950 is collected in cash and the balance is due in October. | |
5. | Declared and paid a $1,050 cash dividend. | |
6. | Paid salaries $2,050, rent for September $1,150, and advertising expense $200. | |
7. | Incurred utilities expense for month on account $260. | |
8. | Received $12,000 from Capital Bank on a 6-month note payable. |
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