Less Balance Sheet July 31, 2022 Assets $

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
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Pls do the balance sheet. There are total 7 colum

Less
**
Balance Sheet
July 31, 2022
Assets
LA
<
$
LA
P
Transcribed Image Text:Less ** Balance Sheet July 31, 2022 Assets LA < $ LA P
Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions
July
1
1
3
5
12
18
20
21
25
31
31
||
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.
(
S
Transcribed Image Text:Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions July 1 1 3 5 12 18 20 21 25 31 31 || 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. ( S
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