Question

Please help, due tonight!

5 Exercise 3-14 (Part Level Submission) Selected transactions for Sheffield Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $19,200 cash received from investors. Purchased equipment for $9,500, paying $3,780 in cash and the balance on account. 8 Performed services on account for $18,000. Paid salaries of $1,200. 25 Paid $3,110 cash on balance owed for equipment. 30 Paid $930 cash dividend. 14

Answer 1

	Assets	=	Liabilities	+	Equity
	Cash	+	Acccounts Receivable	+	Equipment	=	Accounts Payable	+	Common Stock	+	Revenue	-	Expenses	-	Dividends
Sept 1	$ 19,200								$              19,200
Sept 5	$ (3,780)				$        9,500		$                      5,720
Sept 8			$                            18,000								$ 18,000
Sept 14	$ (1,200)												$     1,200
Sept 25	$ (3,110)						$                   (3,110)
Sept 30	$     (930)														$          930
	$ 10,180		$                            18,000		$        9,500		$                      2,610		$              19,200		$ 18,000		$     1,200		$          930