Supplies $600, Equipment $6,400, Accounts Payable $4,100, and Owner's Capital $10,800. During August, the following transactions occurred. 1. 2. 3. 5. 6. 7. 8. Collected $1,600 of accounts receivable. Paid $2.700 cash on accounts payable. Recognized revenue of $7.500 of which $3.300 is collected in cash and the balance is due in September. Purchased additional equipment for $2.400, paying $500 in cash and the balance on account. Paid salaries $2,000, rent for August $1.100, and advertising expenses $350. Withdrew $700 in cash for personal use. Received $1.900 from Standard Federal Bank-money borrowed on a note payable, Incurred utility expenses for month on account $270,
Supplies $600, Equipment $6,400, Accounts Payable $4,100, and Owner's Capital $10,800. During August, the following transactions occurred. 1. 2. 3. 5. 6. 7. 8. Collected $1,600 of accounts receivable. Paid $2.700 cash on accounts payable. Recognized revenue of $7.500 of which $3.300 is collected in cash and the balance is due in September. Purchased additional equipment for $2.400, paying $500 in cash and the balance on account. Paid salaries $2,000, rent for August $1.100, and advertising expenses $350. Withdrew $700 in cash for personal use. Received $1.900 from Standard Federal Bank-money borrowed on a note payable, Incurred utility expenses for month on account $270,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Debra King opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $6,000, Accounts Receivable $1.900.
Supplies $600, Equipment $6,400, Accounts Payable $4,100, and Owner's Capital $10,800. During August, the following transactions
occurred.
1.
2.
3.
5.
6.
8.
Collected $1.600 of accounts receivable.
Paid $2,700 cash on accounts payable.
Recognized revenue of $7.500 of which $3.300 is collected in cash and the balance is due in September,
Purchased additional equipment for $2.400, paying $500 in cash and the balance on account.
Paid salaries $2,000, rent for August $1,100, and advertising expenses $350.
Withdrew $700 in cash for personal use.
Received $1,900 from Standard Federal Bank-money borrowed on a note payable,
Incurred utility expenses for month on account $270.

Transcribed Image Text:Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets,
Liabilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity
Item that was reduced. See Illustration 1-8 for example)
Bal
S
Cash
6000
Prent
S
Accounts
Receivable
1900
awn
Assets
S
Supplies
600
F
Equ
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