Selected Transactions For Ivanhoe Corporation During September 2018 Its First Month In Business Are Presented Below S 1 (332.1 KiB) Viewed 56 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.
(b) Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Sept. 8 Question 1 of 2 < > Sept. 8 J
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