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During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions. July Transactions
During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions. July Transactions Date Transaction Description July Issued Common Stock in exchange for $ cash July Paid $ rent for the months of July and August July Paid the insurance company $ for a one year insurance policy, beginning July July Purchased inventory on account for $ Assume that the perpetual inventory system is used. July Borrowed $ from a local bank and signed a note. The interest rate is and principal and interest is due to be repaid in six months. July Sold inventory on account for $ The cost of the inventory is $ July Paid employees $ salaries for the first half of the month. July Sold inventory for $ cash The cost of the inventory was $ July Paid $ to suppliers for the inventory purchased on January July Collected $ on account from customers. July Paid $ to the local utility company for July gas and electricity. Requirement # : Prepare a post closing trial balance as of July in the space below, as a worksheet
During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions.
July Transactions
Date Transaction Description
July
Issued Common Stock in exchange for $
cash
July
Paid $
rent for the months of July and August
July
Paid the insurance company $
for a one year insurance policy, beginning July
July
Purchased inventory on account for $
Assume that the perpetual inventory system is used.
July
Borrowed $
from a local bank and signed a note. The interest rate is
and principal and interest is due to be repaid in six months.
July
Sold inventory on account for $
The cost of the inventory is $
July
Paid employees $
salaries for the first half of the month.
July
Sold inventory for $
cash The cost of the inventory was $
July
Paid $
to suppliers for the inventory purchased on January
July
Collected $
on account from customers.
July
Paid $
to the local utility company for July gas and electricity.
Requirement #
: Prepare a post
closing trial balance as of July
in the space below, as a worksheet
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