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 $6,000, Accounts Payable $4.200, and Owner's Capital $8.800. During August, the following transaction OCcurred. Collected $1.200 of accounts receivable. 2. Paid $2.800 cash on accounts payable. Recognized revenue of $7,500 of which $4000 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. Paid salaries $2,800. rent for August $900, and advertisingexpenses $400. Withdrew $700 in cash for personal use. Received $2.000 from Standard Federal Bank-money borrowed on ainote payable. 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 $6,000, Accounts Payable $4.200, and Owner's Capital $8.800. During August, the following transaction OCcurred. Collected $1.200 of accounts receivable. 2. Paid $2.800 cash on accounts payable. Recognized revenue of $7,500 of which $4000 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. Paid salaries $2,800. rent for August $900, and advertisingexpenses $400. Withdrew $700 in cash for personal use. Received $2.000 from Standard Federal Bank-money borrowed on ainote payable. 8. Incurred utility expenses for month on acCount $270.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help be clear so I can put the numbers correctly.
![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 S6,000, 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 on accounts payable.
Recognized revenue of $7,500 of which $4000 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.
Paid salaries $2,800, rent for August $900, and advertising expenses $400.
Withdrew $70O in cash for personal use.
Received $2.000 from Standard Federal Bank-money borrowed on a note payable.
8.
ncurred utility expenses for month on account $270.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F956ceb24-c6a8-4218-a305-e38938129f02%2F88d5db03-378a-4389-a2ae-fdc78a3c2062%2Fxkwqmia_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 S6,000, 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 on accounts payable.
Recognized revenue of $7,500 of which $4000 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.
Paid salaries $2,800, rent for August $900, and advertising expenses $400.
Withdrew $70O in cash for personal use.
Received $2.000 from Standard Federal Bank-money borrowed on a note payable.
8.
ncurred utility expenses for month on account $270.
![SONYA JARED, ATTORNEY AT LAW
Balance Sheet
Assets
Liabilities and Owner's Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F956ceb24-c6a8-4218-a305-e38938129f02%2F88d5db03-378a-4389-a2ae-fdc78a3c2062%2Furws1a5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:SONYA JARED, ATTORNEY AT LAW
Balance Sheet
Assets
Liabilities and Owner's Equity
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