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AT&T Inc. has the following transactions for July 2024: Issued common stock for $400,000 cash. Purchased office furniture for $80,000 cash. Paid $25,000 for July
AT&T Inc. has the following transactions for July 2024:
- Issued common stock for $400,000 cash.
- Purchased office furniture for $80,000 cash.
- Paid $25,000 for July rent.
- Sold services for $250,000, with a cost of $150,000.
- Paid $20,000 for utilities.
Required:
- Record these transactions in the general ledger.
- Prepare the trial balance as of July 31, 2024.
- Discuss the importance of maintaining accurate ledger entries in financial accounting.
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