Selected transactions for Oriole Corporation during September 2018, its first month in business, are presented below:...

  

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Selected transactions for Oriole Corporation during September 2018, its first month in business, are presented below: Sept. 1 2 5 8 12 20 25 27 30 Issued common shares in exchange for $21,000 cash. Paid $1,400 cash for rent for the month of September. Purchased equipment for $10,500, paying $2,100 in cash and the balance on account. Earned $7,200 in revenue, receiving $1,000 cash and $6,200 on account of services provided. Incurred $600 in advertising expense on account. Paid $3,300 for repairs and maintenance expenses. Paid $5,300 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $800. Declared and paid a $400 cash dividend. Selected transactions for Oriole Corporation during September 2018, its first month in business, are presented below: Sept. 1 2 5 8 12 20 25 27 30 Issued common shares in exchange for $21,000 cash. Paid $1,400 cash for rent for the month of September. Purchased equipment for $10,500, paying $2,100 in cash and the balance on account. Earned $7,200 in revenue, receiving $1,000 cash and $6,200 on account of services provided. Incurred $600 in advertising expense on account. Paid $3,300 for repairs and maintenance expenses. Paid $5,300 cash on balance owed for equipment. Incurred and paid income taxes for the month amounting to $800. Declared and paid a $400 cash dividend.

Answer rating: 100% (QA)

Taccount entries for each transaction of Oriole Corporation during September 2018 Sept 1 Issued comm... View the full answer