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I have to prepare a tabular analysis of the August transaction Susan Wilson opened a law office on July 1, 2020. On July 31, the
I have to prepare a tabular analysis of the August transaction
Susan Wilson opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,400, Accounts Receivable $1,500, Supplies $600, Equipment $5,500, Accounts Payable $3,700, and Owner's Capital $9,300. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,900 cash on accounts payable. 3. Recognized revenue of $8.000, 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 salaries $2,400, rent for August $1,200, and advertising expenses $450. 6. Withdrew $1.100 in cash for personal use. 7. Received $2,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $180. Your answer is partially correct. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (If a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Assets Accounts Receivable Cash Supplies Equipment Bal. $ 5400 1500 600 550 - 1200 200 N 5400 e Textbook and Media SUSAN WILSON, ATTORNEY AT LAW Liabilities Owner Notes Payable Accounts Payable Owner's Capital Owner's Drawings 3700 9300 2900 4600 1700 2000 8300 9300 1100 e Textbook and Media 11:15 AM earch a 3 eyplus.com/courses/35287/assignments/3686671 Owner's Equity Owner's Capital Owner's Drawings Revenues Expenses 9300 3400 4050 180 3400 4230 e Textbook and Media @ 2030 PS a CDW
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