Selected Transactions For Ivanhoe Corporation During September 2018 Its First Month In Business Are Presented Below S 1 (332.52 KiB) Viewed 40 times
Selected transactions for Ivanhoe Corporation during September 2018, its first month in business, are presented below: Sept. 1 Issued common shares in exchange for $19,000 cash. 2 Paid $1,500 cash for rent for the month of September. 5 Purchased equipment for $10,400, paying $2,200 in cash and the balance on account. 8 Earned $6,700 in revenue, receiving $1,100 cash and $5,600 on account of services provided. 12 Incurred $600 in advertising expense on account. 20 Paid $3,000 for repairs and maintenance expenses. 25 Paid $5,100 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $1,000. 30 Declared and paid a $600 cash dividend.
Prepare an equation analysis of the September transactions. Use the following format. (If an amount reduces the account balance then enter with a negative sign preceding the number eg. -15,000 or in parenthesis eg. (15,000).) Assets Liabilities Accounts Receivable Cash + Equipment Accounts Payable Common Shares Sept. 1 Sept. 2 Sept. 5 Sept. 8 Sept. 12 Sept. 20 Sept. 25 Sept. 27 Sent 30
Shareholders' Equity Retained Earnings + Revenues Expenses Dividends Declared
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