Current Attempt in Progress Selected transactions for Sandhill Corporation during September 2018, its first month in business, are presented below: Sept. 1 2 Issued common shares in exchange for $21,000 cash. Paid $1,700 cash for rent for the month of September. 5 Purchased equipment for $9,900, paying $1,900 in cash and the balance on account. 8 Earned $7,000 in revenue, receiving $1,000 cash and $6,000 on account of services provided. 12 12 Incurred $400 in advertising expense on account. 20 Paid $2,800 for repairs and maintenance expenses. 25 Paid $4,700 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $900. 30 Declared and paid a $400 cash dividend. Sept. 1 Sept. Sept. 2 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 Sept. 30 Assets Liabiliti Cash Accounts Receivable Equipment Accounts P Liabilities Accounts Payable Common Shares Revenues I -15 Shareholders' Equity Retained Earnings Expenses Common Shares Revenues Retained Earnings Expenses Dividends Declared