Friday 16 September 2016

Prepare a tabular analysis of the September transactions. For transactions affecting stockholders' equity, select appropriate explanation in the right margin.

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Selected transactions for Stockton Corporation during its first month in business are presented below:

Sept. 1Issued common stock in exchange for $30,000 cash received from investors.
5Purchased equipment for $20,000, paying $2,000 in cash and the balance on account.
25Paid $6,000 cash on balance owed for equipment.
30Paid $1,000 cash dividend.

Stockton's chart of accounts shows: Cash, Equipment, Accounts Payable, Common Stock, and Dividends.
Prepare a tabular analysis of the September transactions. For transactions affecting stockholders' equity, select appropriate explanation in the right margin.
Assets
=
Liabilities
+
Stockholders' Equity
Cash
+
Equipment
=
Accounts Payable
+
Stockholders' Equity
Sept.
1
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$
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$
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5
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25
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30
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$
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Bottom of Form





Journalize the 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 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Sep. 1
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5
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25
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30
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SHOW LIST OF ACCOUNTS
SHOW ANSWER
LINK TO TEXT
LINK TO TEXT

Attempts: 1 of 1 used

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(c)

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Your answer is partially correct.


Post the transactions to T-accounts.
Cash
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Equipment
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Accounts Payable
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Common Stock
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Dividends
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