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Selected transactions for Wildhorse Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $21,000
Selected transactions for Wildhorse 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 $1,600 cash for rent for the month of September. | ||
5 | Purchased equipment for $10,600, paying $2,100 in cash and the balance on account. | ||
8 | Earned $7,600 in revenue, receiving $1,000 cash and $6,600 on account of services provided. | ||
12 | Incurred $400 in advertising expense on account. | ||
20 | Paid $3,200 for repairs and maintenance expenses. | ||
25 | Paid $4,900 cash on balance owed for equipment. | ||
27 | Incurred and paid income taxes for the month amounting to $1,000. | ||
30 | Declared and paid a $500 cash dividend. |
Post the transactions to T 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 | |||
. |
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