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Question: Selected transactions for Therow Corporation during its first month in business are presented below. Sept.

1 Issued common stock in exchange for $20,000 cash received from investors.

5 Purchased equipment for $9,000, paying $3,000 in cash and the balance on account.

8 Performed services on account for $18,000.

14 Paid salaries of $1,200.

25 Paid $4,000 cash on balance owed for equipment.

30 Paid $500 cash dividend. Therow's chart of accounts shows Cash, Accounts Receivable, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, and Salaries and Wages Expense.

Instructions: (a) Prepare a tabular analysis of the September transactions. The column headings should be Cash + Accounts Receivable + Equipment = Accounts Payable + Common Stock + Revenues - Expenses - Dividends. For transactions affecting stockholders' equity, provide explanations in the right margin.

(b) Journalize the transactions. Do not provide explanations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92652196

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