View Policies

Current Attempt in Progress

Wildhorse Co$.$ opened on July $1,2020.$ On July $31,$ the statement of financial position showed Cash $5,000,$ Accounts Receivable $1,800,$ Supplies $600,$ Equipment $6,400,$ Accounts Payable $4,300,$ Share Capital$-$Ordinary $3,800,$ and Retained Earning of $5,700($amounts in thousands$).$ During August, the following transactions occurred.

Collected $1,500$ of accounts receivable.

Paid $2,900$ cash on accounts payable.

Recognized revenue of $8,100,$ of which $1,900$ is collected in cash and the balance is due in September.

Purchased additional equipment for $2,200,$ paying $500$ in cash and the balance on account.

Paid salaries $2,500,$ rent for August $1,200,$ and advertising expenses $400.$

Declared and paid $700$ dividend.

Received $1,100$ from Standard Bank$-$mon$$y borrowed on a note payable.

Incurred utility expenses for month on account $330.$

Question $5$ of $6$

$\frac{-}{18}$

Prepare a tabular analysis of the August transactions beginning with July $31$ balances. $($If a transaction results in a decrease in Assets, Liabilities or 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 $1\mathrm{.}9$ for example.$)$

WILDHORSE, ATTORNEY AT LAW

IncomeStatement

$7$

$$

$**$

WILDHORSE, ATTORNEY AT LAW Retained Earnings Statement

$7$

$(1\mathrm{.}2$

$$ :

$7$

$=$