Sanchez invested $100,750 cash in the company. The company purchased office supplies for $1,250 cash. The company purchased $10,050 of office equipment on credit. The company received $15,500 cash as fees for services provided to a customer. The company paid $10,050 cash to settle the amount owed in transaction (c). The company billed a customer $2,700 as fees for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the services provided in transaction (f). Sanchez withdrew $10,000 cash for personal use.
Sanchez invested $100,750 cash in the company. The company purchased office supplies for $1,250 cash. The company purchased $10,050 of office equipment on credit. The company received $15,500 cash as fees for services provided to a customer. The company paid $10,050 cash to settle the amount owed in transaction (c). The company billed a customer $2,700 as fees for services provided. The company paid $1,225 cash for the monthly rent. The company collected $1,125 cash as partial payment for the services provided in transaction (f). Sanchez withdrew $10,000 cash for personal use.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Maria Sanchez began business as Sanchez Law Firm on May 1.
Directions:
- Record the following May transactions into the T-accounts provided.
2. Foot and balance the T-accounts.
3. Prepare a
4. Upload the file to this problem.
Transactions
- Sanchez invested $100,750 cash in the company.
- The company purchased office supplies for $1,250 cash.
- The company purchased $10,050 of office equipment on credit.
- The company received $15,500 cash as fees for services provided to a customer.
- The company paid $10,050 cash to settle the amount owed in transaction (c).
- The company billed a customer $2,700 as fees for services provided.
- The company paid $1,225 cash for the monthly rent.
- The company collected $1,125 cash as partial payment for the services provided in transaction (f).
- Sanchez withdrew $10,000 cash for personal use.
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