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The Lewis Company is founded on July 1. During its first month, it records the following activities: On July 1, the founder Ann Lewis,
The Lewis Company is founded on July 1. During its first month, it records the following activities: On July 1, the founder Ann Lewis, contributes $8,000 cash to the business in exchage for shares of common stock. On July 6, the Lewis Co. purchases $3,000 of inventory for cash. On July 11, Lewis Co. acquires $5,000 of office equipment and computers. The purchase is under an installment payment plan, with the first payment due on August 12. On July 28, Lewis Co. purchases an insurance policy, paying $800 cash. The policy takes effect on August 1. Use a BSE spreadsheet to answer the following: a. What is the balance of cash at the end of July? b. What is balance of total assets at the end of July? c. What is the balance of total liabilities at the end of July? d. What is the balance of total owners' equity at the end of July?
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