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.

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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