Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the companys records
On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the companys records that showed the following items. Accounts payable $ 3,100 Accounts receivable 5,200 Cash 4,800 Computer equipment 5,400 Furniture 5,000 Breanne Allarie, capital, June 30, 2020* 20,200 Office rent expense 5,700 Owners investments during July 2020 4,400 Owners withdrawals 4,200 Supplies 2,560 Textbook rental revenue 620 Tutoring revenue 7,400 Tutors wages expense 1,860 Utilities expense 1,000 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. Use the above information to prepare a July statement of changes in equity for Academic Learning Services. (Enter all values as positive.) Analysis Component: Identify those activities that caused equity to decrease during July 2020. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Investments in assets by Breanne Allarie. Loss earned during the month. Withdrawals by Breanne Allarie. Change in accounts receivable. Sale of automobiles
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started