P 2-9 Darlene Cook Company engaged in the following transactions during the month of July: July 1 8 Acquired land for $10,000. The company paid cash. Billed customers for $3,000. This represents an increase in revenue. The customer has been billed and will pay at a later date. An asset, accounts receivable, has been created. Incurred a repair expense for repairs of $600. Darlene Cook Company agreed to pay in 12 60 days. This transaction involves an increase in accounts payable and repair expense. Received a check for $500 from a customer who was previously billed. This is a 15 20 24 reduction in accounts receivable. Paid $300 for supplies. This was previously established as a liability, account payable. Paid wages in the amount of $400. This was for work performed during July P 2-9 Darlene Cook Company engaged in the following transactions during the month of July: July 1 8 Acquired land for $10,000. The company paid cash. Billed customers for $3,000. This represents an increase in revenue. The customer has been billed and will pay at a later date. An asset, accounts receivable, has been created. Incurred a repair expense for repairs of $600. Darlene Cook Company agreed to pay in 12 60 days. This transaction involves an increase in accounts payable and repair expense. Received a check for $500 from a customer who was previously billed. This is a 15 20 24 reduction in accounts receivable. Paid $300 for supplies. This was previously established as a liability, account payable. Paid wages in the amount of $400. This was for work performed during July