Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 7.00

Charlotte Corporation

Selected transactions for Charlotte Corporation during its first month in business are presented below. 
Sept. 1 Issued common stock in exchange for $20,000 cash received from investors. 
5 Purchased equipment for $9,000, paying $3,000 in cash and the balance on account. 
25 Paid $4,000 cash on balance owed for equipment.
30 Paid $500 cash dividend.
Charlotte’s chart of accounts shows: Cash, Equipment, Accounts Payable, Common Stock, and Dividends.

Instructions
(a) Prepare a tabular analysis of the September transactions. The column headings should be: Cash + Equipment = Accounts Payable + Stockholders’ Equity. For transactions affecting stockholders’ equity, provide explanations in the right margin, 
(b) Journalize the transactions. Do not provide explanations.
(c) Post the transactions to T accounts.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 03:07 PM My Price 7.00

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