Selected transactions for Marigold Corp. during its first month in business are presented below. ...
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Accounting
Selected transactions for Marigold Corp. during its first month in business are presented below.
Sept. 1
Issued common stock in exchange for $18,200 cash received from investors.
5
Purchased equipment for $9,270, paying $2,810 in cash and the balance on account.
8
Performed services on account for $18,700.
14
Paid salaries of $1,900.
25
Paid $2,650 cash on balance owed for equipment.
30
Paid $720 cash dividend.
- Complete a tabular analysis of the September transactions. For transactions affecting stockholders equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' 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 3-4 for example.)
Assets
=
Liabilities
+
Stockholders Equity
Retained Earnings
Cash
+
Accounts Receivable
+
Equipment
=
Accounts Payable
+
Common Stock
+
Revenues
Expenses
Dividends
Sept. 1
select an explanation for changes to stockholders equity
Rent Expense
Service Revenue
Salaries and Wages Expense
Dividends
Issued Stock
Sept. 5
select an explanation for changes to stockholders equity
Sept. 8
select an explanation for changes to stockholders equity
Sept. 14
select an explanation for changes to stockholders equity
Sept. 25
select an explanation for changes to stockholders equity
Sept. 30
select an explanation for changes to stockholders equity
$enter a balance amount
$enter a balance amount
$enter a balance amount
=
$enter a balance amount
$enter a balance amount
$enter a balance amount
$enter a balance amount
$enter a balance amount
- Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
- Post the transactions to T-accounts. (Post entries in the order of information presented in the question.)
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