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On July 3 1 , 2 0 X 1 , after one month of operation, the general ledger of Michael Lee, CPA, contained the accounts
On July X after one month of operation, the general ledger of Michael Lee, CPA, contained the accounts and balances given below.
tableACCOUNTS AND BALANCES,Cash$ DebitAccounts Receivable, DebitSupplies DebitPrepaid Rent, DebitPrepaid Insurance, DebitPrepaid Advertising, DebitFurniture DebitAccumulated DepreciationFurniture,Equipment DebitAccumulated DepreciationEquipment,Notes Payable, CreditAccounts Payable, CreditInterest Payable,Unearned Accounting Fees, CreditMichael Lee, Capital, CreditMichael Lee, Drawing, DebitAccounting Fees, CreditSalaries Expense, DebitUtilities Expense, DebitTelephone Expense, DebitSupplies Expense,Rent Expense,
ADJUSTMENTS
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