Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 31 , the balance sheet of Whispering Winds Corp. showed Cash $10 , 000 , Accounts Receivable $2.700 , Supplies $600 , Equipment

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On August 31 , the balance sheet of Whispering Winds Corp. showed Cash $10 , 000 , Accounts Receivable $2.700 , Supplies $600 , Equipment $6 , 000 , Accounts Payable $4 , 600 , Common Stock $13 , 950 , and Retained Earnings $750 . During September, the following transactions occurred. 1. Paid $2 , 200 cash for accounts payable due. 2. Collected $1 , 650 of accounts receivable. 3. Purchased additional equipment for $2 , 150 , paying $900 in cash and the balance on account. 4. Recognized revenue of $8 , 000 , of which $2 , 950 is collected in cash and the balance is due in October. 5. Declared and paid a $1 , 050 cash dividend. 6. Paid salaries $2 , 050 , rent for September $1 , 150 , and advertising expense $200 . 7. Incurred utilities expense for month on account $260 . 8. Received $12 , 000 from Capital Bank on a 6-month note payable. Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset. Liability or Equity item that was reduced, See Illustration 1-8 for example.) Prepare an income statement for Sentemher. Prenare a retained earninos statement for Sentemher (l ist items that increase retained earnings first.) restion 4 of 6 Prepare a balance sheet at September 30. (List Assets in order of liquidity.) Whispering Winds Corp. Balance Sheet Assets Liabilities and Stockholders' Equity $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Carl S. Warren, Amanda Farmer

9th Edition

0357132599, 978-0357132593

More Books

Students also viewed these Accounting questions

Question

What would you do if the bullies and victim were girls?

Answered: 1 week ago

Question

Self-awareness is linked to the businesss results.

Answered: 1 week ago

Question

1. Too reflect on self-management

Answered: 1 week ago

Question

Food supply

Answered: 1 week ago