Question

I only need help with the final part, thank you!

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

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

Answer 1

Cash Accounts Recievable Equipment = Accounts Payable Revenue Expenses Dividents Common Stock $ 19,200 $ 9,500 $ 5,720 18,000 $ 18,000 Sep-01 $ Sep-05 $ Sep-08 Sep-14 $ Sep-25 $ Sep-30 $ $ 19,200 (3,780) $ (1,200) (3,110) (930) 10,180 $ $ 1,200 $ (3,110) $ $ 930 930 18,000 $ 9,500 $ 2,610 $ 19,200 $ 18,000 $ 1,200 Credit Date Accounts title & Explanation Debit Sep-01 Cash $ 19,200 Common stock Cash $ 19,200 Sep-01 $ 19,200 Sep-05 $ 3,780 Sep-14 $ 1,200 Sep-25 $ 3,110 Sep-30 $ 930 9,500 Sep-05 Equipment Cash Accounts Payable $ Sep-30 $ 10,180 3,780 5,720 $ $ 18,000 Sep-08 Accounts Recievable Service Revenue Sep-08 Sep-30 Accounts Recievable $ 18,000 $ 18,000 $ 18,000 $ 1,200 Sep-14 Salaries and Wages Cash $ 1,200 Sep-05 Sep-30 Equipment $ 9,500 $ 9,500 $ 3,110 Sep-25 Accounts Payable Cash $ 3,110 Accounts Payable Sep-05 $ 5,720 Sep-30 $ 5,720 $ 930 Sep-30 Dividents Cash $ 930 Common Stock Sep-01 $ 19,200 Sep-30 $ 19,200 Sep-30 Sep-30 $ $ Dividents 930 930 Service Revenue Sep-08 $ 18,000 Sep-30 $ 18,000 Sep-14 Sep-30 Salaries & Wages $ 1,200 $ 1,200

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