Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a tabular analysis of the september transactions beginning with August 31 balances On August 31, the balance sheet of Whispering Winds Corp. showed Cash

Prepare a tabular analysis of the september transactions beginning with August 31 balances image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On August 31, the balance sheet of Whispering Winds Corp. showed Cash $10,000, Accounts Receivable $2,700,54pplies$600, Equipment \$6,000, Accounts Payable \$4,600, Common \$tock \$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 recofyable. 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 $1050 cash dividend. 6. Paid salaries $2.050, rent for September $1.150, and advertising expense $200. 7. Incurredutilities expense for month on account $260. 8. Received $12,000 from Capital Bank on a 6 month note payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bed And Breakfast IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304131793, 978-1304131799

More Books

Students also viewed these Accounting questions

Question

Consider this article:...

Answered: 1 week ago