On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $10,017, Accounts Receivable $3,417, Supplies $600, Equipment $6,000, Accounts Payable $5,317, Common Stock $13,962, and Retained Earnings $755. During September, the following transactions occurred.
Paid $2,747 cash for accounts payable due.
Collected $1,407 of accounts receivable.
Purchased additional equipment for $2,004, paying $818 in cash and the balance on account.
Earned revenue of $7,940, of which $2,680 is collected in cash and the balance is due in October.
Declared and paid a $1,115 cash dividend
Paid salaries $2,507, rent for September $1,185, and advertising expense $131.
Incurred utilities expense for month on account $267.
Received $12,192 from Capital Bank on a 6-month note payable.
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. See Illustration 1-8 for example.)
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