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question b please Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in
question b please
Selected transactions for Sheridan Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $21,000 cash. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,100 in cash and the balance on account. 8 Earned $6,800 in revenue, receiving $900 cash and $5,900 on account of services provided. 12 Incurred $400 in advertising expense on account. 20 Paid $2,900 for repairs and maintenance expenses. 25 Paid $4,600 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,100. 30 Declared and paid a $500 cash dividend. (a) Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. 15,000 or in parenthesis e.g. (15,000).) Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)Step by Step Solution
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