Selected transactions for Charlotte Corporation during its first month in - 14712

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Exercise 3-11

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Selected transactions for Charlotte Corporation during its first month in business are presented below.

Sept. 1

 

Issued common stock in exchange for $18,820 cash received from investors.

5

 

Purchased equipment for $9,260, paying $3,620 in cash and the balance on account.

25

 

Paid $2,720 cash on balance owed for equipment.

30

 

Paid $740 cash dividend.

 

 

                                   

a.       Complete a tabular analysis of the September transactions. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)

b.      Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

c.       Post the transactions to T accounts. (Post entries in the order of information presented in the question.)

 

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