On August 31, the balance sheet of Monty Corp showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,050, and Retained Earnings $650 During September, the following transactions occurred 1 Paid $3,800 cash for accounts payable due 2 Collected $1,650 of accounts receivable 3 Purchased additional equipment for $2,200, paying $850 in cash and the balance on account 4 Recognized revenue of $8,800, of which $3,400 is collected in cash and the balance is due in October 5 Declared and paid a $1,000 cash dividend 6 Paid salaries $2,600, rent for September $1,100, and advertising expense $100 7 Incurred utilities expense for month on account $370 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 (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

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Posted on Sep 08, 2024

On August 31, the balance sheet of Monty Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,050,

On August 31, the balance sheet of Monty Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,050, and Retained Earnings $650. During September, the following transactions occurred.

1.		Paid $3,800 cash for accounts payable due.
2.		Collected $1,650 of accounts receivable.
3.		Purchased additional equipment for $2,200, paying $850 in cash and the balance on account.
4.		Recognized revenue of $8,800, of which $3,400 is collected in cash and the balance is due in October.
5.		Declared and paid a $1,000 cash dividend.
6.		Paid salaries $2,600, rent for September $1,100, and advertising expense $100.
7.		Incurred utilities expense for month on account $370.
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. (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.