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On July 31, 2025, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 Collected $1,490 of accounts receivable due from customers. 5 Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $1,490, paying $500 in cash and the balance on account. 14 Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August. 18 Collected the balance for the services performed on August 7. 2 2 2 2 27 20 Paid cash dividend of $620 to stockholders. 24 Billed a client $1,240 for legal services performed. 26 Received $2,480 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. Agreed to perform legal services for a client in September for $5,580. The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $340; it is not due until September 15. 31 Paid income tax for the month $620.

On July 31, 2025, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 Collected $1,490 of accounts receivable due from customers. 5 Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $1,490, paying $500 in cash and the balance on account. 14 Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August. 18 Collected the balance for the services performed on August 7. 2 2 2 2 27 20 Paid cash dividend of $620 to stockholders. 24 Billed a client $1,240 for legal services performed. 26 Received $2,480 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. Agreed to perform legal services for a client in September for $5,580. The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $340; it is not due until September 15. 31 Paid income tax for the month $620.

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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On July 31, 2025, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 Collected $1,490 of accounts receivable due from customers. 5 Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $1,490, paying $500 in cash and the balance on account. 14 Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August. 18 Collected the balance for the services performed on August 7. 2 2 2 2 27 20 Paid cash dividend of $620 to stockholders. 24 Billed a client $1,240 for legal services performed. 26 Received $2,480 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. Agreed to perform legal services for a client in September for $5,580. The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $340; it is not due until September 15. 31 Paid income tax for the month $620.
Transcribed Image Text:On July 31, 2025, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 Collected $1,490 of accounts receivable due from customers. 5 Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $1,490, paying $500 in cash and the balance on account. 14 Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August. 18 Collected the balance for the services performed on August 7. 2 2 2 2 27 20 Paid cash dividend of $620 to stockholders. 24 Billed a client $1,240 for legal services performed. 26 Received $2,480 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. Agreed to perform legal services for a client in September for $5,580. The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $340; it is not due until September 15. 31 Paid income tax for the month $620.
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