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An analysis of the transactions made by Dewey, Cheatem & Co., a law firm, for the month of July is shown below. Each increase and
An analysis of the transactions made by Dewey, Cheatem & Co., a law firm, for the month of July is shown below. Each increase and decrease in owner's equity is explained. Cash Accounts + Receivable + Supplies + Equipment = Accounts Payable + Owner's Capital 1. +$15,000 +$15,000 Investment 2 -2,500 +$6,000 +$3,500 3. - 750 +$750 4. +2.400 +$7,600 10,000 Service Revenue 5. -1,500 -1,500 6. -2.300 -$2,300 Drawings 7 -750 -750 Rent Expense 8 +850 -850 9. -4.500 10. -4,500 Salaries Expense Utilities Expense +400 -400 Prepare a balance sheet at July 31, 2020. (List Current Assets in order of liquiditul DEWEY, CHEATEM & CO. Balance Sheet July 31, 2020 Assets Current Assets Cash $ 5950 Accounts Receivable 6750 Supplies 750 Equipment 6000 Total Assets Liabilities and Owner's Equity $ 750 Equipment 6000 Total Assets $ $ Liabilities and Owner's Equity ta $
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