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Selected transactions for Sandhill Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $22,000
Selected transactions for Sandhill Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $22,000 cash. 2 Paid $1,300 cash for rent for the month of September. 5 Purchased equipment for $9,000, paying $1,900 in cash and the balance on account. 8 Earned $7,100 in revenue, receiving $1,000 cash and $6,100 on account of services provided. 12 Incurred $400 in advertising expense on account. 20 Paid $2,900 for repairs and maintenance expenses. 25 Paid $5,000 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. Post the transactions to accounts. (Post entries in the order presented in the problem.) Cash Accounts Receivable Equipment Accounts Payable Common Shares Dividends Declared Service Revenue Rent Expense Repairs and Maintenance Expense Income Tax Expense Advertising Expense List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Buildings Cash Common Shares Concession Revenue Cost of Goods Sold Current Portion of Mortgage Payable Depreciation Expense Dividends Declared Equipment Fees Earned Held for Trading Investments Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Revenue Inventory Land Long-Term Investments Mortgage Payable No Entry Office Expense Prepaid Insurance Prepaid Rent Property Tax Expense Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries Expense Salaries Payable Sales Service Revenue Supplies Supplies Expense Unearned Revenue Utilities Expense Vehicles
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