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P1-2AOn August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September the following transactions occurred.
1. Paid $2,900 cash on accounts payable.
2. Collected $1,300 of accounts receivable.
3. Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account.
4. Earned revenue of $8,000 of which $2,500 is paid in cash and the balance is due in October.
5. Paid cash dividends of $1,000.
6. Paid salaries $1,700 rent for September $900, and advertising expenses $300.
7. Incurred utility expenses for month on account $170.
8. Received $10,000 from Capital Bank - money borrowed on a note payable.
Instructions
(a) Complete the table below. (Show the amount of increase or decrease for each transaction using a + for an increase (+500) and a - for a decrease (-500) and a 0 for no change. Please do not leave any fields blank. List multiple entries from largest to smallest eg 10, 5, 3, 2.)
(b) Prepare an income statement for September, an retained earnings statement for September, and a balance sheet at September 30. (If there is a net loss, record amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter all other amounts as positive amounts and subtract where necessary. List amounts from largest to smallest e.g. 10, 5, 3, 2. For balance sheet list assets in order of liquidity
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