On August 31, the balance sheet of Blue Spruce Veterinary Clinic showed Cash $7,380, Accounts Receivable...
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On August 31, the balance sheet of Blue Spruce Veterinary Clinic showed Cash $7,380, Accounts Receivable $1,394, Supplies $492, Equipment $4,920, Accounts Payable $2,952, Common Stock $10,660, and Retained Earnings $574. During September, the following transactions occurred. 1. Paid $2,378 cash for accounts payable due. 2. Collected $1,066 of accounts receivable. 3. Purchased additional equipment for $1,722, paying $656 in cash and the balance on account. 4. Performed services worth $5,986, of which $2,050 is collected in cash and the balance is due in October. 5. Paid a $328 cash dividend. 6. Paid salaries $1,394, rent for September $738, and advertising expense $164. 7. Incurred utilities expense for month on account $139. 8. Received $8,200 from Capital Bank on a 6-month note payable. Your answer is partially correct. Prepare a tabular analysis of the September transactions beginning with August 31 balances. Include margin explanations for any changes in revenues or expenses. (If a transaction results in 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. Post entries in the order presented in the question.) Cash 7,380 19 $ -2,378 1,066 -656 Accounts Receivable 1,394 -1,066 2,050 3,936 -328 -1,394 -738 -164 -139 8,200 Assets 12,899 4,264 18 Supplies 492 492 Equipment 4,920 1,722 6,642 Notes Payable Liabilities 8,200 $ Accounts Payable 2,952 -2,378 1,066 Common Stock 10,660 $ 8,200 $ 1,640 10,660 $ R enues Stockholders' Equity Retained Earnings $574 Expenses 5,986 1,394 $ 738 164 139 Dividends 5,986 $ 2,435 $ 24,297 On August 31, the balance sheet of Blue Spruce Veterinary Clinic showed Cash $7,380, Accounts Receivable $1,394, Supplies $492, Equipment $4,920, Accounts Payable $2,952, Common Stock $10,660, and Retained Earnings $574. During September, the following transactions occurred. 1. Paid $2,378 cash for accounts payable due. 2. Collected $1,066 of accounts receivable. 3. Purchased additional equipment for $1,722, paying $656 in cash and the balance on account. 4. Performed services worth $5,986, of which $2,050 is collected in cash and the balance is due in October. 5. Paid a $328 cash dividend. 6. Paid salaries $1,394, rent for September $738, and advertising expense $164. 7. Incurred utilities expense for month on account $139. 8. Received $8,200 from Capital Bank on a 6-month note payable. Your answer is partially correct. Prepare a tabular analysis of the September transactions beginning with August 31 balances. Include margin explanations for any changes in revenues or expenses. (If a transaction results in 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. Post entries in the order presented in the question.) Cash 7,380 19 $ -2,378 1,066 -656 Accounts Receivable 1,394 -1,066 2,050 3,936 -328 -1,394 -738 -164 -139 8,200 Assets 12,899 4,264 18 Supplies 492 492 Equipment 4,920 1,722 6,642 Notes Payable Liabilities 8,200 $ Accounts Payable 2,952 -2,378 1,066 Common Stock 10,660 $ 8,200 $ 1,640 10,660 $ R enues Stockholders' Equity Retained Earnings $574 Expenses 5,986 1,394 $ 738 164 139 Dividends 5,986 $ 2,435 $ 24,297
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