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Question1 Selected transactions for Sandhill Corporation during September 2018, its first month in business, are presented below: 1 Issued common shares in exchange for $ 22,000 cash. 2 Paid $ 1,300 cash for rent for the month of September. 5 Purchased equipment for $ 9,000, paying $ 1,900 in cash and the balance on account. 8 Earned $ 7,100 in revenue, receiving $1,000 cash and $ 6,100 on account of services provided. 12 Incurred $ 400 in advertising expense on account. 20 Paid $ 2,900 for repairs and maintenance expenses. 25 Paid $ 5,000 cash on balance owed for equipment. 27 Incurred and paid income taxes for the month amounting to $ 1,100. 30 Declared and paid a $ 500 cash dividend. Sept.
Post the transactions to T accounts. (Post entries in the order Cash 9/2 9/12 9/20 9/25
Common Shares Dividends Declared Service Revenue Rent Expense Repairs and Maintenance Expense Income Tax Expense Advertising Expense
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Cash 22,000 9/2 1,000 9/5 1,300 1,900 2,900 5,000 1,100 500 9/8 9/20 9/25 9/27 9/30 Bal 10,300 Accounts Receivable 9/8 6,100 Equipment 9,000 9/5 Accounts Payable 9/25 5,000 9/5 7,100 400 9/12 Bal Common shares 22,000 Dividends Declared 9/30 500 Service Revenue 9/8 7,100 Rent Expense 9/2 1,300 Reir and Maintenance Expense 9/20 2,900 Income Tax Expense 9/27 1,100 Advertising Expense 9/12 400

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