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assistance needed Susan Wilson opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,400. Accounts Receivable $1 1.
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Susan Wilson opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $5,400. Accounts Receivable $1 1. 00. Supplies $600, Equipment $5.500, Accounts Payable $3.700, and Owner's Capital \$9,300. During August, the following transacaions occurred. 1. Collected $1,200 of accounts receivable 2. Pald 52,900 cash on accounts payable. 3. Recognized revenue of 58,000 of which $3,400 is collected in cash and the balance is due in September: 4. Purchased additional equipment for $2.000. paying $300 in cash and the balance on account. 5. Paid salarics $2400, rent for August $1,200, and advertising experses $450. 6. Withdrew 51,100 in cash for personal use. 7. Recelved $2,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurredutility expenses for month on account 3180 . SUSANWILSON, ATTORNEY AT LAW Balance Sheet Assets Liabilities and Owner's Equity $ Step by Step Solution
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