On August 31, the balance sheet of Sheffield Corp.showed Cash $11,000, Accounts Receivable $2,700, Supplies $600, Equipment $5,000, Accounts Payable 35,600, Carririon Stock $35,000, and Retained Earnings $700. During September, the following transactions occurred. 1. 2 Paid 52,350 cash for accounts payable due Collected $2,300 of accounts recelveble. Purchased additional equipment for $1,950, paying $700 In cash and the balance on account. Recognized revenue of 57,050, of which $3,000 is collected in cash and the balance is due in October. Declared and paid e $450 cesh dividend. Pald salarles $2,350, rent for September 51,000, and advertising expense $100. Incurred utilities expense for month on account $250. Received $23,000 from Capitel Bank on : S-month nate payable. 5 6 7 2 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, Llability or Equity Item that was reduced. See Illustration 1-8 for example.) Assets Sheffield Corp. Liabilities Notes Accounts Common Payable Payable Stock Stockholders' Equity Cash Accounts Receivable Supplies Equipment Retained Earnings Revenues Expenses Dividends Dal $ $ II IC LIN 2. 2. 3 5. 6. Salaries and wages expense Rent expense Advertising expense 7