- Selected Transactions For Ivanhoe Corporation During September 2018 Its First Month In Business Are Presented Below S 1 (332.1 KiB) Viewed 54 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.
Assets Liabilities Accounts Receivable Cash + Equipment Accounts Payable Common Shares Sept. 1 19000 i i 19000 Sept. 2 - 1500 i Sept. 5 -2200 i 10400 8200 Sept. 8 1100 5600 i i Sept. 12 i i i 600 Sept. 20 -3000 i i i Sept. 25 -5100 i -5100 Sept. 27 -1000 i Sept. 30 -600 i
Shareholders' Equity Retained Earnings + Revenues Expenses Dividends Declared i i i 1500 i 6700 i OOO... 600 i 3000 i i 1000 600