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Southgate Inc. began operations on June 1, 2023. The transactions for the first month follow. a. A shareholder paid Southgate Inc. $45,000 cash for share
Southgate Inc. began operations on June 1, 2023. The transactions for the first month follow. a. A shareholder paid Southgate Inc. $45,000 cash for share capital in the business. b. Southgate Inc. collected $1,700 for commissions earned today. c. Southgate Inc. paid $100 for this month's water utilities bill received today. d. Southgate Inc. received a bill today for this month's electrical utilities; $350. It will be paid within 30 days. e. Southgate Inc. bought equipment on credit for $4,250. f. $400 of commissions were earned and collected today by Southgate Inc. g. Provided consulting services to a customer and collected $800. h. A client rented equipment for $5,500 cash. i. A bill was received today for last week's $500 advertising campaign. It must be paid within 15 days. j. Southgate Inc. paid dividends of $2,000 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended June 30
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