Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barbara Crawford created a corporation providing legal services, Barbara Crawford Inc., on July 1 , 2 0 2 7 . On July 3 1 the

Barbara Crawford created a corporation providing legal services, Barbara Crawford Inc., on July 1,2027. On July 31 the balance sheet showed Cash $3,440, Accounts Receivable $2,150, Supplies $430, Equipment $4,300, Accounts Payable $3,612, Common Stock $5,332, and Retained Earnings $1,376. During August, the following transactions occurred.
Aug. 1 Collected $946 of accounts receivable due from customers.
4, Paid $2,322 cash for accounts payable due.
9 Performed services worth $4,644, of which $3,096 is collected in cash and the balance is due in September.
15 Purchased additional office equipment for $3,440, paying $602 in cash and the balance on account.
19 Paid salaries $1,204, rent for August $602, and advertising expenses $301.
23 Paid a cash dividend of $602.
26 Borrowed $4,300 from American Federal Bank; the money was borrowed on a 4-month note payable.
31 Incurred utility expenses for the month on account $328.
(a)
Prepare a tabular analysis of the August transactions beginning with July 31 balances. Include margin explanations for any changes in revenues or expenses.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Peace Love Auditing Journal

Authors: Epic Love Books

1st Edition

1697161693, 978-1697161694

More Books

Students also viewed these Accounting questions

Question

Evaluating Group Performance?

Answered: 1 week ago