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On August 31, the balance sheet of Swifty Corporation showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,100,
On August 31, the balance sheet of Swifty Corporation showed Cash $12,000, Accounts Receivable $4,700, Supplies $600, Equipment $6,000, Accounts Payable $6,600, Common Stock $16,100, and Retained Earnings $600. During September, the following transactions occurred.
1. | Paid $2,150 cash for accounts payable due. | |
2. | Collected $1,950 of accounts receivable. | |
3. | Purchased additional equipment for $1,450, paying $700 in cash and the balance on account. | |
4. | Recognized revenue of $7,200, of which $2,050 is collected in cash and the balance is due in October. |
Swifty Corporation | ||||||||||||||||||||||||
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Assets | Liabilities | Stockholders' Equity | ||||||||||||||||||||||
Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Notes Payable | + | Accounts Payable | + | Common Stock | + | Retained Earnings | + | Revenues | - | Expenses | - | Dividends | ||||
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