Problem 3-03A Bindy Crawford created a corporation providing legal services, Shamrock, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash $5,600; Accounts Receivable $5,750; Supplies $920; Equipment $8,250; Accounts Payable $7,450; Common Stock $11,050; and Retained Earnings $2,020. During August the following transactions occurred. Aug. 1 Collected $1,130 of accounts receivable due from customers. 4 Paid $2,670 cash for accounts payable due. 9 Performed services worth $5,640, of which $3,650 is collected in cash and the balance is due in September. 15 Purchased additional office equipment for $4,090, paying $490 in cash and the balance on account. 19 Paid salaries $1,460, rent for August $780, and advertising expenses $370. 23 Paid a cash dividend of $720. 26 Borrowed $5,900 from American Federal Bank; the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $420. Prepare a tabular analysis of the August transactions beginning with July 31 balances. Include margin explanations for any changes in Retained Earnings. (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 3-4 for example. Post entries in the order presented in the question.) + SHAMROCK, INC. Assets Liabilities Stockholders' Equity Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenues - Expenses - Dividends July 31 Bal. $ 5600 $5750 $920 $8250 $7450 $ 1105 $2020 $ $ Aug. 1 1130 -113 4 -267 -267 9 3650 sssss SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare an income statement for August. SHAMROCK, INC. Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a retained earnings statement for August. (List items that increase retained earnings first.) SHAMROCK, INC. Retained Earnings Statement 14 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a classified balance sheet at August 31. (List current assets in order of liquidity) SHAMROCK, INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity A ta Problem 3-03A Bindy Crawford created a corporation providing legal services, Shamrock, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash $5,600; Accounts Receivable $5,750; Supplies $920; Equipment $8,250; Accounts Payable $7,450; Common Stock $11,050; and Retained Earnings $2,020. During August the following transactions occurred. Aug. 1 Collected $1,130 of accounts receivable due from customers. 4 Paid $2,670 cash for accounts payable due. 9 Performed services worth $5,640, of which $3,650 is collected in cash and the balance is due in September. 15 Purchased additional office equipment for $4,090, paying $490 in cash and the balance on account. 19 Paid salaries $1,460, rent for August $780, and advertising expenses $370. 23 Paid a cash dividend of $720. 26 Borrowed $5,900 from American Federal Bank; the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $420. Prepare a tabular analysis of the August transactions beginning with July 31 balances. Include margin explanations for any changes in Retained Earnings. (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 3-4 for example. Post entries in the order presented in the question.) + SHAMROCK, INC. Assets Liabilities Stockholders' Equity Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenues - Expenses - Dividends July 31 Bal. $ 5600 $5750 $920 $8250 $7450 $ 1105 $2020 $ $ Aug. 1 1130 -113 4 -267 -267 9 3650 sssss SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare an income statement for August. SHAMROCK, INC. Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a retained earnings statement for August. (List items that increase retained earnings first.) SHAMROCK, INC. Retained Earnings Statement 14 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a classified balance sheet at August 31. (List current assets in order of liquidity) SHAMROCK, INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity A ta
