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Problem 1-02A a,b1-b3 (Video) Sonya Jared opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable

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Problem 1-02A a,b1-b3 (Video) Sonya Jared opened a law office on July 1, 2020. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1.500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owner's Capital 58,800. During August, the following transactions occurred. 1. Collected $1,200 of accounts receivable. 2. Paid $2,800 cash on accounts payable. 3. Recognted revenue of $7,500, of which $4,000 is collected in cash and the balance is due in September 4. Purchased additional equipment for $2,000, paying $400 in cash and the balance on account 5. Paid salaries $2,800, rent for August $900, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. 2 Received $2,000 from Standard Federal Bank-money borrowed on a note payable. 8. Incurred utility expenses for month on account $270. Prepare a tabular analysis of the August transactions beginning with July 31 balances. (ir a transaction results in a decrease in Assets, Liabilities or Owner's Equity, place a negative sign (or 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 SONYA JARED, ATTORNEY AT LAW Liabilities Notes Accounts Owner's Equity Owner's Annunte Owner's 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, places negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See ilustration 1-8 for example) SONYA JARED, ATTORNEY AT LAW Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Cash Receivable Supplies Equipment Payable . Payable Capital Drawings Revenues Expenses Bal $ 1. 2. 3. 4 6 7 8. Prepare an income statement for August. SONYA JARED, ATTORNEY AT LAW Income Statement 4 Prepare an owner's equity statement for August. (List items that increase owner's equity first.) SONYA JARED, ATTORNEY AT LAW Owner's Equity Statement Prepare a balance sheet at August 31. (List Assets in order of liquidity.) SONYA JARED, ATTORNEY AT LAW Balance Sheet Assets Liabilities and Owner's Equity UE

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