On July 1, 2020. Mr Mendez established the Mendez Rehab Clinic. Transactions completed during the month of July follow: July 1- Mendez deposited 150,000.00 in a bank account in the name of the business. July 3- Paid Office rent for the month, 11,000.00 July 5- Bought supplies for cash, 2,700.00 July 10 - Bought Professional equipment on account for J Equipment, 140,000.00 July 11-Received cash as an advance payment for the service to be performed/rendered next month, 30,000 July 12-Bought Equipment from L Computers, 18,000 paying 6,700.00 in cash and the balance on account. July 15- Performed professional services on account, 32,000.00 July 17-Paid accounts to L Computers, 11,300.00 July 20 - Received and paid the bill for utilities, 2500.00 July 23 - Paid salaries of the part-time assistants, 10,000.00 July 24 - Received payment from customer for service rendered on account, 32,000.00 July 25 - Performed professional services for cash, 37,000.0 July 26- Mendez withdrew cash for personal use, 7,000.00

On July 1, 2020. Mr Mendez established the Mendez Rehab Clinic. Transactions completed during the month of July follow: July 1- Mendez deposited 150,000.00 in a bank account in the name of the business. July 3- Paid Office rent for the month, 11,000.00 July 5- Bought supplies for cash, 2,700.00 July 10 - Bought Professional equipment on account for J Equipment, 140,000.00 July 11-Received cash as an advance payment for the service to be performed/rendered next month, 30,000 July 12-Bought Equipment from L Computers, 18,000 paying 6,700.00 in cash and the balance on account. July 15- Performed professional services on account, 32,000.00 July 17-Paid accounts to L Computers, 11,300.00 July 20 - Received and paid the bill for utilities, 2500.00 July 23 - Paid salaries of the part-time assistants, 10,000.00 July 24 - Received payment from customer for service rendered on account, 32,000.00 July 25 - Performed professional services for cash, 37,000.0 July 26- Mendez withdrew cash for personal use, 7,000.00

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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