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Please help, due tonight! 5 Exercise 3-14 (Part Level Submission) Selected transactions for Sheffield Corp. during its first month in business are presented below. Sept.
Please help, due tonight!
5 Exercise 3-14 (Part Level Submission) Selected transactions for Sheffield Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $19,200 cash received from investors. Purchased equipment for $9,500, paying $3,780 in cash and the balance on account. 8 Performed services on account for $18,000. Paid salaries of $1,200. 25 Paid $3,110 cash on balance owed for equipment. 30 Paid $930 cash dividend. 14 Complete a tabular analysis of the September transactions. (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. See Illustration 3-3 for example.) Assets Liabilities Stockholders' Equity Retained Earnings Cash + Accounts Receivable + Equipment - Accounts Payable + Common Stock + Revenues - Expenses Dividends Sept. 1 $ Sept. 5 Sept. 8 Sept. 14 Sept. 25 Sept. 30 Step by Step Solution
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