Reference no: EM132656873
On August 31, the balance sheet of Grouper Veterinary Clinic showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $15,100, and Retained Earnings $600. During September, the following transactions occurred.
1. Paid $3,700 cash for accounts payable due.
2. Collected $2,050 of accounts receivable.
3. Purchased additional equipment for $1,950, paying $750 in cash and the balance on account.
4. Performed services worth $8,700, of which $3,050 is collected in cash and the balance is due in October.
5. Declared and paid a $1,250 cash dividend.
6. Paid salaries $1,750, rent for September $1,100, and advertising expense $150.
7. Incurred utilities expense for month on account $300.
8. Received $11,500 from Capital Bank on a 6-month note payable.
Question 1: Prepare a tabular analysis of the September transactions beginning with August 31 balances. (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.)