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Analysis of the september transactions

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Reference no: EM132619613

Selected transactions for Ranch Ltd during its first month in business are presented below:

Sept. 1 Issued shares in exchange for $45 000 cash received from investors.

5 Purchased equipment for $25 000, paying $10 000 in cash and the balance on account.

25 Paid $7500 cash on balance owed for equipment.

30 Paid $1000 cash dividend.

Ranch Ltd's chart of accounts shows: Cash (no. 100), Equipment (no. 120), Accounts Payable (no. 200), Share Capital (no. 300), and Dividends (no. 320).

Required

Question (a) an analysis of the September transactions. The column headings should be: Cash + Equipment = Accounts Payable + Equity. For transactions affecting equity, provide explanations at the side, as shown on page 100.

Question (b) Journalise the transactions. Narrations are required.

Question (c) Post the transactions to T accounts.

Reference no: EM132619613

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