Question

On August 31, the balance sheet of Cheyenne Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,100, and Retained Earnings $600. During September, the following transactions occurred. 1. Paid $2,750 cash for accounts payable due. 2. Collected $1,300 of accounts receivable. 3. Purchased additional equipment for $1,950, paying $700 in cash and the balance on account. 4. Recognized revenue of $7,650, of which $2,250 is collected in cash and the balance is due in October. 5. Declared and paid a $2,400 cash dividend. 6. Paid salaries $2,550, rent for September $1,150, and advertising expense $150. 7. Incurred utilities expense for the month on account $190. 8. Received $11,000 from Capital Bank on a 6-month note payable.

          On August 31, the balance sheet of Cheyenne Corp. showed Cash $10,000, Accounts Receivable $2,700, Supplies $600, Equipment $6,000, Accounts Payable $4,600, Common Stock $14,100, and Retained Earnings $600. During September, the following transactions occurred. 

1. Paid $2,750 cash for accounts payable due.
2. Collected $1,300 of accounts receivable.
3. Purchased additional equipment for $1,950, paying $700 in cash and the balance on account.
4. Recognized revenue of $7,650, of which $2,250 is collected in cash and the balance is due in October.
5. Declared and paid a $2,400 cash dividend.
6. Paid salaries $2,550, rent for September $1,150, and advertising expense $150.
7. Incurred utilities expense for the month on account $190.
8. Received $11,000 from Capital Bank on a 6-month note payable.

Added by Victoria W.

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