20X1 Jul. Jim invested $40,000 cash and photography equipment valued at $20,000 in the business. 1 Purchased office supplies for cash, $1,300. 1 Purchased photography supplies on account, $6,700. 1 Paid July rent, $1,700. 1 Paid for a newspaper ad, $500. 2 Purchased office equipment on account, $6,750. 2. Paid property insurance for the upcoming year, $3,600. 3 Purchased a computer system and software, $3,200, by issuing a norc payable, 5 Paid for promotional handouts, $150. 6 Paid miscellaneous expenses, $175. 7 Paid salaries of employees, $1,400. 7 Recorded week's cash receipts for photo work, 51.350. Jul. 8 Paid for carpet cleaning (a miscellaneous expense), $75. 9 Recorded photo work done for a customer on account, $855. 9 Purchased additional photography supplies on account, $3,200. 10 Purchased additional photography equipment for cash, $3.500. 10 Entered into a contract with Southside Food Vendors to place vending machines in the waiting room. Jimn is to receive 10% of all sales, with a minimuin of $200 monthly. Received $200 as an advance payment. 11 Purchased furniture for the lobby area, $1.700. Paid cash in full. 12 Paid cash for the inscallation of overhead lighting fixtures, $900. 15 Recorded second weck's cash recipes for photo work, 62.170. 15 Paid weekly salaries, $1,400. 17 Jim withdrew cash for personal use, $800. 18 Paid for TV ud. $710. 19 Paid for repair to equipment, $80. 19. Collected $500 for the photo work done on account on July 9, 22 Recorded third weck's cash receipts for photo work, $2.045. 22 Paid weekly salaries. $1,400. 23 Did a special wedding phor session for a customer on credit. $550, 28 Recorded fourth week's cash receipts for photo work, $1.995. 29 Paid salaries of employees, $1,400. 30 Paid water bill for July, $75. 30 Paid electric bill for July, $1.095. 31 Made a $500 payment on the note for the computer purchased on July 31 Made a payment for the office equipment purchased on a count, $2.000 31 Made a payment on the photography supplies purchased on account, $1.000, 31 Wrote a business check to pay for Jim's home phone bill. $310 31 Southside Food Vendors reported a total of $2,800 of vending machine les for July. Ten percent of these sales is $280. Sime $200 bad already been received and recorded in July. Jin was awed $ Received the $80 deck B D E F G H M N Work Sheet For Month Ended July 31, 20X1 Adjustments Trial Balance Adjusted Trial Balance Income Statement Debit Credit Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 30 Sim Arnold Parttim Arnold Part 2 Jim Arnold Part 3
