During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. -July 7 Purchased $2,000 of supplies on account. July 10 Billed customers for consulting services performed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee wages. July 19 Collected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends.
During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Issued 15,000 shares of the company's common stock in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. -July 7 Purchased $2,000 of supplies on account. July 10 Billed customers for consulting services performed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee wages. July 19 Collected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please dont give images in answer

Transcribed Image Text:Accumulated Depreciation-Equipment
Accounts Payable
Income Tax Payable
Common Stock
Dividends
2000
Depreciation Expense
Income Tax Expense
Retained Earnings
Income Summary
2000

Transcribed Image Text:During its first month of operation, the True Consulting Corporation, which specializes in management consulting,
completed the following transactions.
July 1
Issued 15,000 shares of the company's common stock in exchange for $15,000.
July 3
Purchased a truck for $8,000. A down payment of $3,000 was made, with the balance on account.
July 5
Paid $1,200 to cover rent from July 1 through September 30.
July 7
Purchased $2,000 of supplies on account.
July 10
Billed customers for consulting services performed, $3,700.
July 14
Paid $500 toward the amount owed for the supplies purchased on July 7.
July 15
Paid $1750 in cash for employee wages.
July 19
Collected $1600 in cash from customers that were billed on July 10.
July 21
Received $4,200 cash from customers for services performed.
July 31
Paid $350 in cash for truck repairs.
July 31
Declared and Paid $700 in cash dividends.
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