10:56 1 ul LTE Yesterday Edit 9:04 PM Problem 1-02A a,b1-b3 (Vldeo) Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600 Owner's Capital $9,300. During August, the following transactions occurred. 1. Collected $1,400 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,100, paying $500 in cash and the balance on account. 5. Paid salaries $1,700, rent for August $1,100, and advertising expenses $350. 6. Withdrew $700 in cash for personal use. 7. Recelved $1,600 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $180. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results In a decrease in Assets, Llablitles or Owner's Equity, place a negativ (or parentheses) In front of the amount entered for the particular Asset, Liablty or Equity Item that was reduced. See Illustratfon 1-8 for example.) RUTH LEWIS, ATTORNEY AT LAW Assets Llablities Owner's Equlty Accounts Notes Payable Cash Recelvable Supplles Accounts Owner's Owner's Drawings Equipment Payable Capltal Bal. Revenues Expe Ne pruary 1, 20 Day 32 of 365 s L ato a S ,e nth Dear God. ss my February ce of protection, new r, love and heal u whelesus' name. An are.
10:56 1 ul LTE Yesterday Edit 9:04 PM Problem 1-02A a,b1-b3 (Vldeo) Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600 Owner's Capital $9,300. During August, the following transactions occurred. 1. Collected $1,400 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September. 4. Purchased additional equipment for $2,100, paying $500 in cash and the balance on account. 5. Paid salaries $1,700, rent for August $1,100, and advertising expenses $350. 6. Withdrew $700 in cash for personal use. 7. Recelved $1,600 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $180. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results In a decrease in Assets, Llablitles or Owner's Equity, place a negativ (or parentheses) In front of the amount entered for the particular Asset, Liablty or Equity Item that was reduced. See Illustratfon 1-8 for example.) RUTH LEWIS, ATTORNEY AT LAW Assets Llablities Owner's Equlty Accounts Notes Payable Cash Recelvable Supplles Accounts Owner's Owner's Drawings Equipment Payable Capltal Bal. Revenues Expe Ne pruary 1, 20 Day 32 of 365 s L ato a S ,e nth Dear God. ss my February ce of protection, new r, love and heal u whelesus' name. An are.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:10:56 1
ul LTE
Yesterday
Edit
9:04 PM
Problem 1-02A a,b1-b3 (Vldeo)
Ruth Lewis opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,700, Supplies $500, Equipment $5,700, Accounts Payable $3,600
Owner's Capital $9,300. During August, the following transactions occurred.
1.
Collected $1,400 of accounts receivable.
2.
Paid $2,800 cash on accounts payable.
3.
Recognized revenue of $7,700, of which $2,500 is collected in cash and the balance is due in September.
4.
Purchased additional equipment for $2,100, paying $500 in cash and the balance on account.
5.
Paid salaries $1,700, rent for August $1,100, and advertising expenses $350.
6.
Withdrew $700 in cash for personal use.
7.
Recelved $1,600 from Standard Federal Bank-money borrowed on a note payable.
8.
Incurred utility expenses for month on account $180.
Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results In a decrease in Assets, Llablitles or Owner's Equity, place a negativ
(or parentheses) In front of the amount entered for the particular Asset, Liablty or Equity Item that was reduced. See Illustratfon 1-8 for example.)
RUTH LEWIS, ATTORNEY AT LAW
Assets
Llablities
Owner's Equlty
Accounts
Notes
Payable
Cash
Recelvable
Supplles
Accounts
Owner's
Owner's
Drawings
Equipment
Payable
Capltal
Bal.
Revenues
Expe
Ne pruary 1, 20
Day 32 of 365
s L ato a S ,e
nth Dear God.
ss my February
ce of
protection, new
r, love and heal
u whelesus' name. An
are.
Expert Solution
Step 1
The accounting equation indicates the balanced relationship between the assets items on the one side and liabilities and owners’ equity on the other side.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education