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Selected transactions for Novak Corp. during its first month in business are presented below. ...

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Accounting

Selected transactions for Novak Corp. during its first month in business are presented below.
Sept. 1 Issued common stock in exchange for $18,700 cash received from investors.
5 Purchased equipment for $8,810, paying $2,910 in cash and the balance on account.
8 Performed services on account for $19,000.
14 Paid salaries of $2,200.
25 Paid $3,320 cash on balance owed for equipment.
30 Paid $560 cash dividend.
(a)
Your answer is partially correct.
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.)
image

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