Question

Selected transactions for Sunland Corporation during September 2018, its first month in business, are presented below:...

Selected transactions for Sunland Corporation during September 2018, its first month in business, are presented below:

Sept. 1 Issued common shares in exchange for $20,000 cash.
2 Paid $1,500 cash for rent for the month of September.
5 Purchased equipment for $9,000, paying $2,100 in cash and the balance on account.
8 Earned $6,700 in revenue, receiving $1,000 cash and $5,700 on account of services provided.
12 Incurred $500 in advertising expense on account.
20 Paid $2,700 for repairs and maintenance expenses.
25 Paid $5,100 cash on balance owed for equipment.
27 Incurred and paid income taxes for the month amounting to $1,000.
30

Declared and paid a $400 cash dividend.

Prepare a trial balance at September 30, 2018.

SUNLAND CORPORATION
Trial Balance

                                                                      Month Ended September 30, 2018Year Ended September 30, 2018September 30, 2018

Debit

Credit

$

$

   Totals

$

$

Homework Answers

Answer #1

SUNLAND CORPORATION

Trial Balance

September 30, 2018

Debit Credit
Cash $8,200
Accounts receivable 5,700
Equipment 9,000
Accounts payable $2,300
Common stock 20,000
Dividends paid 400
Service revenue 6,700
Rent expense 1,500
Advertising expense 500
Repairs and maintenance expense 2,700
Income tax expense 1,000
Total $29,000 $29,000

1. Cash = $20,000-1,500-2,100+1,000-2,700-5,100-1,000-400 = $8,200

2. Accounts payable = 6,900+500-5,100 = $2,300

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