Question

equest P Redirect Show Attempt History Current Attempt in Progress Bindy Crawford created a corporation providing legal services, Skysong, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash $5,700; Accounts Receivable $6,450; Supplies 5990; Equipment $8,950; Accounts Payable $8,150; Common Stock $11,850; and Retained Earnings $2,090. During August the following transactions occurred. Aug. 1 Collected $1,170 of accounts receivable due from customers. 4 Paid $2,730 cash for accounts payable due. 9 Performed services worth 56,100, of which $3,500 is collected in cash and the balance is due in September. 15 Purchased additional office equipment for $4,340, paying $510 in cash and the balance on account. 19 Paid salaries $1.410, rent for August $730, and advertising expenses $340. 23 Paid a cash dividend of $780. 26 Borrowed $5,700 from American Federal Bank; the money was borrowed on a 4-month note payable. 31 incurred utility expenses for the month on account $400. Your Answer Correct Answer - Your answer is partially correct. Prepare a tabular analysis of the August transactions beginning with July 31 balances include marrin explanations for any changes in Retained Earnings of a transaction causes a decrease in Assets, Libilities or Stockholders' Equityplacentatives for parentheses in front of the amount entered or Equity item that was reduced. See Mustration 3-4 for example Post entries in the order proces

Answer 1

current assets A В С E 1 SKYSONG, INC 2 3 Balance Sheet at August 31, 2022 5 assets 6 current assets cash $9,570 7 accounts receivable $7,880 8 supplies 990 total current assets $18,440 10 equipment total assets $13,290 11 $31,730 12 liabilities and stockholders' equity 13 liabilities current liabilities accounts payable note payable total current liabilities stockholders' equity 14 15 $9,650 16 $ 5,700 17 $15,350 18 19 $11,850 20 common stock retained earnings total stockholders' equity total liabilities and stockholders' equity $ 4,530 21 $16,380 22 $31,730 23 24 LL 86

for formulas and calculations, refer to the image below -

Вб current assets A В C E 2 SKYSONG, INC. Balance Sheet 4 at August 31, 2022 5 assets 6 current assets cash -5700+1170-2730+3500-510-1410-730-340-780+5700 7 |-6450-1170+2600 accounts receivable 8 supplies 990 -SUM(C7:C9) 8950+4340 total current assets 10 equipment total assets 11 D10+D11 12 liabilities and stockholders' equity 13 liabilities current liabilities accounts payable note payable total current liabilities stockholders' equity common stock retained earnings total stockholders' equity total liabilities and stockholders' equity 14 15 -8150-2730+3830+400 5700 16 17 C16+C17 18 19 - 11850 20 -2090+6100-1410-730-340-780-400 21 -C20+C21 22 =D18+D22 23 24 LL 86 LO OC

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