1)Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000, Liabilities of $50,000 and Stockholders equity of $20,000. Here are the adjustments made:

a. Sent a $795 bill to a customer for services for services provided. The customer will paid in August.

b. Owed wages to 3 employees who worked five days at $83 each per day at the end of July. The company will pay employees at the end of the first week of August.

c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $3,120 for one full year of interest. No interest has been recorded yet.

After the adjustments, assets on 7/31 will be $________

2)Assume Bella Donnas General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $3,960. The company paid $170 in transportation cost to National Trucking to deliver the merchandise to Bella Donna. Bella Donna immediately returned goods to American Wholesaling costing $690, and then took advantage of American Wholesalings 1/10, n/30 purchase discount.

When Bella Donna pays American Wholesale within the discount period, the credit to cash will be $______.

Merchandise costing $644 is sold for $1,260 on terms 2/10, n/30. If the buyer pays within the discount period, When recording the sale the debit to Accounts Receivable will be $____