Mike Greenberg opened Monty Window Washing Co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invested $11,000 cash in the company. 1 Purchased used truck for $7,360, paying $1,840 cash and the balance on account. Purchased cleaning supplies for $830 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,400 for cleaning services performed. 18 Paid $920 cash on amount owed on truck and $460 on amount owed on cleaning supplies. 20 Paid $1.840 cash for employee salaries. 21 Collected $1,470 cash from customers billed on July 12. 25 Billed customers $2.300 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month. 31 Owner withdrew $550 cash from the company.

Mike Greenberg opened Monty Window Washing Co. on July 1, 2022. During July, the following transactions were completed. July 1 Owner invested $11,000 cash in the company. 1 Purchased used truck for $7,360, paying $1,840 cash and the balance on account. Purchased cleaning supplies for $830 on account. Paid $1,680 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,400 for cleaning services performed. 18 Paid $920 cash on amount owed on truck and $460 on amount owed on cleaning supplies. 20 Paid $1.840 cash for employee salaries. 21 Collected $1,470 cash from customers billed on July 12. 25 Billed customers $2.300 for cleaning services performed. 31 Paid $270 for maintenance of the truck during month. 31 Owner withdrew $550 cash from the company.

Name: Mike Greenberg opened Monty Window Washing Co. on July 1, 2022. Durin
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Description: Mike Greenberg opened Monty Window Washing Co. on July 1, 2022. During July, the following transactions were completed.July 1Owner invested $11,000 cash in the company.1Purchased used truck for $7,360, paying $1,840 cash and the balance on account.P

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Mike Greenberg opened Monty Window Washing Co. on July 1, 2022. During July, the following transactions were completed.
July 1
Owner invested $11,000 cash in the company.
1
Purchased used truck for $7,360, paying $1,840 cash and the balance on account.
Purchased cleaning supplies for $830 on account.
Paid $1,680 cash on a 1-year insurance policy effective July 1.
12
Billed customers $3,400 for cleaning services performed.
18
Paid $920 cash on amount owed on truck and $460 on amount owed on cleaning supplies.
20
Paid $1.840 cash for employee salaries.
21
Collected $1,470 cash from customers billed on July 12.
25
Billed customers $2.300 for cleaning services performed.
31
Paid $270 for maintenance of the truck during month.
31
Owner withdrew $550 cash from the company.

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