Cindy Braun created a corporation providing legal services, Cindy Braun Inc., on July 1, 2014. On July 31 the balance sheet showed: Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment $5,000; Accounts Payable $4,200; Common Stock $6,200; and Retained Earnings $1,600. During August the following transactions occurred.
| Aug. 1 |
|
Collected $1,100 of accounts receivable due from customers. |
| 4 |
|
Paid $2,700 cash for accounts payable due. |
| 9 |
|
Performed services worth $5,400, of which $3,600 is collected in cash and the balance is due in September. |
| 15 |
|
Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account. |
| 19 |
|
Paid salaries $1,400, rent for August $700, and advertising expenses $350. |
| 23 |
|
Paid a cash dividend of $700. |
| 26 |
|
Borrowed $5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable. |
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*Prepare a tabular analysis of the August transactions beginning with July 31 balances.
*Prepare an income statement for August.
*Prepare a retained earnings statement for August.
*Prepare a classified balance sheet at August 31.
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31 Incurred utility expenses for the mont
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