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Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock
Selected transactions for Blue Spruce Corp. during its first month in business are presented below. Sept. 1 5 8 14 25 30 Issued common stock in exchange for $21,600 cash received from investors. Purchased equipment for $9,310, paying $2,540 in cash and the balance on account. Performed services on account for $18,100. Paid salaries of $1,300. Paid $3,020 cash on balance owed for equipment. Paid $820 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders' equity, provide explanations in the far right column. (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.) Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Accounts Receivable + Equipment = Accounts Payable Common Stock ! + Revenues - Expenses - Dividends Sept. 1 21600 21600 Issued Stock su Sept. 5 KS Sept. 8 T 18100 T 18100 Service Revenue Sept. 14 -1300 -3020 -3020 -1300 T Salaries and Wages Expense Sept. 25 T -3020 3020 Sept. 30 -820 T -820 L 9310 = 3750 21600 18100 14020 18100 1300 820 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit XP Accounts Receivable Equipment Accounts Payable A Common Stock Dividends Service Revenue Service Revenue Salaries and Wages Expense Click if you would like to Show Work for this question: Open Show Work
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