Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please Sarah Allen opened a law office on July 1.2022, On July 31, the balance sheet showed Cash $5, 600, Accounts Receivable $1,800, Suppties

help please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Sarah Allen opened a law office on July 1.2022, On July 31, the balance sheet showed Cash \$5, 600, Accounts Receivable $1,800, Suppties $600, Equiprnent \$6,200, Accounts Payable \$3,500, and Owner's Capital $10,700. During August, the following transactions. occurred, 1. Collected $1,500 of accounts receivable. 2. Paid $2,400 cashon accounts payable. 3. Recognized revenue of $7,300 of which $2.700 is collected in cash and the balance is due in 5 eptember. 4. Purchased additional equipenent for $2,100, paying $100 in cash and the balance on account. 5. Paid salaries $2,500, rent for August $1,100, and advertising expenses $450. 6. Withdrew $1.100 in cash for personal use. 7. Received $2.000 from 5 tandard federal Hank-money borrowed on a note payable: 8. Incurred utility expenses for month on account 5350 . (a) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transoction results in o decrease in Assets. Liabilities or Owner's Equity ploce a negative sign (or parentheses) in front of the amount entered for the particular Asset, Lobllity or Equity Item that was reduced. See lliustration 1-8 for anample) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (ff a transoction results in a decreose in Assets. Lobilities or Owner's Equity, ploce a negative sigri(gr parentheses) in front of the amount entered for the particular Asset, Lability or Equity item that was reduced. See Illustration 1-8 for example.) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transoction results in o decreose in Assets, Ulabilities or Owner's Equity, ploce a negative sign (or porentheses) in front of the amount entered for the particulor Asset, Llability or Equity Item that was reduced. See liliustration 18 for ceample) Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transoction results in a decrease in Assets. Labilities or Owner's Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Llability or Equity item thot was reduced. See Illustration 1-8 for example.)

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

Auditing And Other Assurance Services

Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser

9th Canadian Edition

0130091243, 978-0130091246

More Books

Students also viewed these Accounting questions