Cindy braun created a corporation providing legal services

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Reference no: EM13587133

Cindy Braun created a corporation providing legal services, Cindy Braun Inc., on July 1, 2014. On July 31 the balance sheet showed: Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment $5,000; Accounts Payable $4,200; Common Stock $6,200; and Retained Earnings $1,600. During August the following transactions occurred.

Aug. 1		Collected $1,100 of accounts receivable due from customers.
4		Paid $2,700 cash for accounts payable due.
9		Performed services worth $5,400, of which $3,600 is collected in cash and the balance is due in September.
15		Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account.
19		Paid salaries $1,400, rent for August $700, and advertising expenses $350.
23		Paid a cash dividend of $700.
26		Borrowed $5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable.
	Prepare a tabular analysis of the August transactions beginning with July 31 balances. Prepare an income statement for August. Prepare a retained earnings statement for August. Prepare a classified balance sheet at August 31.	31 Incurred utility expenses for the mont

Reference no: EM13587133

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