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Sonya Jared opened a law office on July 1, 2022 On July 31, the balance sheet showed Cash$5.000, Accounts Receivable $1,500, Supplies $500, Equipment $6,00O0, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred. Collected $1,200 of accounts receivable. Paid $2.800 cash ón accounts payable. 3. Recognized revenue of $7.500 of which $4.000is collected in cash and the balance is due in September. Purchased additional equipment for $2.000, paying $400 in cash and the balance on account, Paid salaries $2.800, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. Recelved $2,000 from Standard Federal Bank-money borrowed on a noté payáble. 8. Incurred utility expenses for month on account $270.

Sonya Jared opened a law office on July 1, 2022 On July 31, the balance sheet showed Cash$5.000, Accounts Receivable $1,500, Supplies $500, Equipment $6,00O0, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred. Collected $1,200 of accounts receivable. Paid $2.800 cash ón accounts payable. 3. Recognized revenue of $7.500 of which $4.000is collected in cash and the balance is due in September. Purchased additional equipment for $2.000, paying $400 in cash and the balance on account, Paid salaries $2.800, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. Recelved $2,000 from Standard Federal Bank-money borrowed on a noté payáble. 8. Incurred utility expenses for month on account $270.

FINANCIAL ACCOUNTING
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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SONYA JARED, ATTORNEY AT LAW Owner's Equity Statement eTextbook and Media List of Accounts
Transcribed Image Text:SONYA JARED, ATTORNEY AT LAW Owner's Equity Statement eTextbook and Media List of Accounts
Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5.000, Accounts Recelvable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2.800 cash ón accounts payable. Recognized revenue of $7,500 of which $4,000 is collected in cash and the balance is due in September. Purchased additional equipment for $2,000. paying $400 in cash and the balance on account. 5: Paid salaries $2,800, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. Received $2,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $270.
Transcribed Image Text:Sonya Jared opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5.000, Accounts Recelvable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital $8,800. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2.800 cash ón accounts payable. Recognized revenue of $7,500 of which $4,000 is collected in cash and the balance is due in September. Purchased additional equipment for $2,000. paying $400 in cash and the balance on account. 5: Paid salaries $2,800, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. Received $2,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $270.
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