Help I transactions occurred 5 Declared and paid a 650 cash

Help I transactions occurred. 5. Declared and paid a $650 cash dividend. See Accounts Retained Bal

Solution

in the horizontal statement replace salaries and wage expense with $2,600 instead of $3,750 Income statement Revenues Service revenue 8,600 Expenses Salaries and wage expense 2,600 Advertising expense 100 Rent expense 1,050 Utilities expense 220 total expense 3,970 Net income 4,630 Retained earnings statement Retained earnings sept 1 750 Add :Net income 4,630 5380 less:Dividends -650 Retained earnings ,September 30 4730 Balance sheet liabilities & stockholder\'s Equity Notes payable 12,000 Accounts payable 3,870 total liabilities 15,870 Stockholder\'s Equity common stock 15,950 retained earnings 4,730 Stockholder\'s Equity 20,680 liabilities & Stockholder\'s Equity 36,550