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Selected transactions for Pharoah Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $18,000
Selected transactions for Pharoah Corporation during September 2018, its first month in business, are presented below:
Sept. | 1 | Issued common shares in exchange for $18,000 cash. | |
2 | Paid $1,400 cash for rent for the month of September. | ||
5 | Purchased equipment for $10,000, paying $2,000 in cash and the balance on account. | ||
8 | Earned $7,500 in revenue, receiving $900 cash and $6,600 on account of services provided. | ||
12 | Incurred $500 in advertising expense on account. | ||
20 | Paid $3,300 for repairs and maintenance expenses. | ||
25 | Paid $5,300 cash on balance owed for equipment. | ||
27 | Incurred and paid income taxes for the month amounting to $900. | ||
30 | Declared and paid a $400 cash dividend. |
Prepare a trial balance at September 30, 2018.
Prepare a trial balance at September 30, 2018. Totals PHAROAH CORPORATION Trial Balance Debit VA Credit Totals PHAROAH CORPORATION Trial Balance Month Ended September 30, 2018 September 30, 2018 Year Ended September 30, 2018 $ M GA th CreditStep by Step Solution
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