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Sheffield Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,990.

Sheffield Corp. has the following transactions during August of the current year.

Aug. 1 Issues shares of common stock to investors in exchange for $10,990.

Aug. 4 Pays insurance in advance for 3 months, $1,890.

Aug. 16 Receives $770 from clients for services rendered.

Aug. 27 Pays the secretary $590 salary.

Date Account Titles and Explanation Debit Credit Aug. 1 Aug.4 Aug. 164 Aug. 274

Date Account Titles and Explanation Debit Credit Aug. 1 Aug. 4 : Aug. 16 Aug. 27

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