July 1 Paid July rent, $1,170. 2 Collected $7,600 on account from customers. 3 Paid $3,000 installment due on the $5,500 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $17,050. 5 Rendered design services and collected from cash customers, $1,700. 6 Paid $1,900 to creditors on account. 7 Collected $13,250 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $900. 9 Paid July salaries, $5,100. 10 Received invoice for July advertising expense, to be paid in August, $1,100. 11 Paid utilities for July, $850. 12 Paid stockholders a dividend of $2,500 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,760. 14 Purchased computer for $4,800 cash to be used in business starting next month.

July 1 Paid July rent, $1,170. 2 Collected $7,600 on account from customers. 3 Paid $3,000 installment due on the $5,500 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $17,050. 5 Rendered design services and collected from cash customers, $1,700. 6 Paid $1,900 to creditors on account. 7 Collected $13,250 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $900. 9 Paid July salaries, $5,100. 10 Received invoice for July advertising expense, to be paid in August, $1,100. 11 Paid utilities for July, $850. 12 Paid stockholders a dividend of $2,500 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,760. 14 Purchased computer for $4,800 cash to be used in business starting next month.

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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