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Cash Accounts Receivable Supplies Prepaid Insurance SMITH INTERIOR DECORATING SERVICE Balance Sheet July 31, 2022 Assets

Cash Accounts Receivable Supplies Prepaid Insurance SMITH INTERIOR DECORATING SERVICE Balance Sheet July 31, 2022 Assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Accounts Receivable Supplies Prepaid Insurance Textbook and Media st of Accounts SMITH INTERIOR DECORATING SERVICE Balance Sheet July 31, 2022 Assets Liabilities and Owner's Equity Liabilities and Owner's Equity $
Transcribed Image Text:Cash Accounts Receivable Supplies Prepaid Insurance Textbook and Media st of Accounts SMITH INTERIOR DECORATING SERVICE Balance Sheet July 31, 2022 Assets Liabilities and Owner's Equity Liabilities and Owner's Equity $
Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions Invested $15,000 cash in the business. Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. July 1 1 3 5 12 18 20 31 31 21 25
Transcribed Image Text:Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions Invested $15,000 cash in the business. Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. July 1 1 3 5 12 18 20 31 31 21 25
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