Sharon Lee opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,500, Accounts Receivable $1.300 Supplies $ 500, Equipment $ 6.200 Accounts Payable $ 4,200, and Owner's Capital $9,800. During August, the following transactions occurred 1. 2. 3. 4. Collected $1,500 of accounts receivable, Paid $ 2,500 cash on accounts payable. Recognized revenue of $ 7,400 of which $ 1,700 is collected in cash and the balance is due in September Purchased additional equipment for $ 2.000, paying $ 300 in cash and the balance on account Paid salaries $ 2,600 rent for August $1,000, and advertising expenses $ 350. Withdrew $ 1.100 in cash for personal use. Received $1,700 from Standard Federal Bank-money borrowed on a note payable 5. 6. 7 8. Incurred utility expenses for month on account $330. pital Drawings Revenues Expenses 9,800 3.950 1100 3305 7:40 200 $ 1100 HI- NWP A PlayerUIA education.wley.com HW#1-CH1 Question 10 of 10 5.81/25 ! Drawings Revenues Expenses 150 1100 ... 7.00 MacBook Air # 3 une a> & 7 8 4 WWW.CH NIPAPAK HW 1.CHI Question 10 of 10 581/25 Receivable Supplies Equment 100 100 2.000 MacBook Alt CE # $ 4 % 5 & 7 6 8 2 9 Cash Receivable Supplies Eq 5,500 1,800 500 1,500 -1,500 ${2,500) 1,700 5.700 -$300 -$3,950 $(1.100) 1,700 $ 5005 6.000 2.550 $ Sharon Lee opened a law office on July 1, 2022. On July 31, the balance sheet showed Cash $ 5,500, Accounts Receivable $1.300 Supplies $ 500, Equipment $ 6.200 Accounts Payable $ 4,200, and Owner's Capital $9,800. During August, the following transactions occurred 1. 2. 3. 4. Collected $1,500 of accounts receivable, Paid $ 2,500 cash on accounts payable. Recognized revenue of $ 7,400 of which $ 1,700 is collected in cash and the balance is due in September Purchased additional equipment for $ 2.000, paying $ 300 in cash and the balance on account Paid salaries $ 2,600 rent for August $1,000, and advertising expenses $ 350. Withdrew $ 1.100 in cash for personal use. Received $1,700 from Standard Federal Bank-money borrowed on a note payable 5. 6. 7 8. Incurred utility expenses for month on account $330. pital Drawings Revenues Expenses 9,800 3.950 1100 3305 7:40 200 $ 1100 HI- NWP A PlayerUIA education.wley.com HW#1-CH1 Question 10 of 10 5.81/25 ! Drawings Revenues Expenses 150 1100 ... 7.00 MacBook Air # 3 une a> & 7 8 4 WWW.CH NIPAPAK HW 1.CHI Question 10 of 10 581/25 Receivable Supplies Equment 100 100 2.000 MacBook Alt CE # $ 4 % 5 & 7 6 8 2 9 Cash Receivable Supplies Eq 5,500 1,800 500 1,500 -1,500 ${2,500) 1,700 5.700 -$300 -$3,950 $(1.100) 1,700 $ 5005 6.000 2.550 $
