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On July 31, 2025, the general ledger of Oriole Legal Services inc showed the following balances; Cash $4,240, Accounts Receivable $1,590, Supplies $530, Equipment $5,300,
On July 31, 2025, the general ledger of Oriole Legal Services inc showed the following balances; Cash $4,240, Accounts Receivable $1,590, Supplies $530, Equipment $5,300, Accounts Payable $4,350, Common 5 tock $3,710, and Retained Earnings $3,600. During August, the following transactions occurred. Aug. 3 Collected $1,270 of accounts receivable due from customers. 5 Received $1,380 cash for issuing common stock to new investors. 6 Paid $2.860 cash on accounts payable. 7 Performed legal services of $6,890, of which $3,180 was collected in cash and the remainder was due on account. 12 Purchased additional equipment for $1,270, paying $420 in cash and the balance on account. 14 Paid salaries $37710, rent $950, and advertising expenses $290 for the month of August: 18 Collected the balance for the services performed on August 7. 20 Paid cash dividend of $530 to stockholders. 24 Billed a client $1,060 for legal services performed. 26 Received $2,120 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. 27 Agreed to perform legal services for a client in September for $4, . The client will pay the amount owing after the services have been performed. 28 Received the utility bill for the month of August in the amount of $290 it is not due until September 15. 31 Paid income tax for the month $530. (a)
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