Question
On August 31, the balance sheet of Sandhill 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 Sandhill 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. Recognized revenue of $8,000, of which $2,950 is collected in cash and the balance is due in October.
5. Declared and paid $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.
Prepare a tabular analysis of the September transactions beginning with August 31st balances.
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