joy tiede opened tiede company a veterinary business in neosho wisconsin on august 1 534354

Joy Tiede opened Tiede Company, a veterinary business in Neosho, Wisconsin, on August 1, 2012. On August 31, the balance sheet showed: Cash $9,000; Accounts Receivable $1,700; Supplies $600; Equipment $5,000; Accounts Payable $3,600; Common Stock $12,000; and Retained Earnings $700. During September, the following transactions occurred.

Sept. 2 Paid $3,400 cash for accounts payable due.

5 Received $1,200 from customers in payment of accounts receivable.

8 Purchased additional office equipment for $5,100, paying $1,000 in cash and the balance on account.

13 Earned revenue of $10,600, of which $2,300 is paid in cash and the balance is due in October.

17 Paid a $600 cash dividend.

22 Paid salaries $900, rent for September $1,100, and advertising expense $250.

26 Incurred utility expenses for the month on account $220.

30 Received $5,000 from Hilldale Bank on a 6-month note payable.

Instructions

(a) Prepare a tabular analysis of the September transactions beginning with August 31 balances. The column headings should be: Cash _ Accounts Receivable _ Supplies _ Equipment _ Notes Payable _ Accounts Payable _ Common Stock _ Retained Earnings _ Revenues _ Expenses _ Dividends. Include margin explanations for any changes in Retained Earnings.

(b) Prepare an income statement for September, a retained earnings statement for September, and a classified balance sheet at September 30, 2012.