Practice Problem 1 On August 31, the balance sheet of La Brava 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 a $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 31 balances (Ifa 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 1 8 for example ) LA BRAVA VETERINARY CLINIC Liabilities Stockholders' Equity Assets Acc oun Sup ts plie Ret Com aine Acc Not oun mon es ts stoc Rev Exp Divi enu ens den sh Rec plie Equi Pay Pay able able k ning ees ds eiva ble 2 4 6 8

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Practice Problem 1 On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts

Practice Problem 1

On August 31, the balance sheet of La Brava 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 a $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 31 balances. (Ifa 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 1-8 for example.) LA BRAVA VETERINARY CLINIC Liabilities Stockholders' Equity Assets Acc oun Sup ts + plie Ret Com aine Acc Not oun mon es ts +stoc Rev Exp Divi +enu -ens - den sh Rec+ plie + Equi Pay Pay able able k ning ees ds eiva ble 2 4 6 8