Selected transactions for Charlotte Corporation during its first month in business are presented below.
Sept. 1 Issued common stock in exchange for $20,000 cash received from investors.
5 Purchased equipment for $9,000, paying $3,000 in cash and the balance on account.
25 Paid $4,000 cash on balance owed for equipment.
30 Paid $500 cash dividend.
Charlotte”s chart of accounts shows: Cash, Equipment, Accounts Payable, Common Stock, and Dividends.
Instructions
(a) Prepare a tabular analysis of the September transactions. The column headings should be: Cash _ Equipment _ Accounts Payable _ Stockholders” Equity. For transactions affecting stockholders” equity, provide explanations in the right margin, as shown on page 110.
(b) Journalize the transactions. Do not provide explanations.
(c) Post the transactions to T accounts.
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