Problem 1-2A

Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $5,900, Accounts Receivable $1,800, Supplies $400, Equipment $6,400, Accounts Payable $4,300, and Owners Capital $10,200. During August, the following transactions occurred.

1. Collected $1,500 of accounts receivable.

2. Paid $2,700 cash on accounts payable.

3. Recognized revenue of $7,700, of which $2,800 is collected in cash and the balance is due in September.

4. Purchased additional equipment for $1,700, paying $300 in cash and the balance on account.

5. Paid salaries $1,900, rent for August $1,100, and advertising expenses $350.

6. Withdrew $700 in cash for personal use.

7. Received $1,900 from Standard Federal Bankmoney borrowed on a note payable.

8. Incurred utility expenses for month on account $280.

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, 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.)

PRITEV 5 Problem 1-2 Judi Salem opened a law ofien May 1, 2017. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,800, Supplies $400, Equipment 56,400, Account Palle 4,100, and we Capital 510,200. During the following transactions occurred 1 Collected $1,500 accounts receivable 2 Bad 32,700 cash on counts payable Recognited revenue of 57,700, of which 52.000 s collected in cash and the balance is dat in September Purchased additional equipment for $1,700, paying 300 in cash and the balance on account 5 Paid salaries 51.900, rent for August $1,100, and advertising expenses $350 6 Withdrew $700 in cash for personal use. 7 Received $1.00 from Standard Federal Bank-money borrowed on a note payable Incurred utility expenses for month on account $200 Prepare a tabular analysis of the August transactions beginning with July 31 balances (la transaction results in a decrease in Asses, liabilities or Owner's Equity, place a negative in (or parentheses) in front of the amount entered for the particular diset, Labdary or wity that was reduced. See illustration - for example) PRINTER VERON HAN wady Problem Sem odce on 2017 On July 1, the showed us $5,000, Accould cute$1.000, Supplies $400, quot 56,400, Ac Puyat 100, od One Cap.200. During the Town transactions con 1 Called.500 of seve 2.700 copie Heredeiro, uch,00 Wedne Not for $1,700,wing 1500 ha on Sdne 1,000, art for August $1,100, and an expenses $350 Wahew 700 w for online ec,200 rumande redeal Bank money bdnewbie 8: Incurred it expenses for month count $200