Given the following T-accounts, describe the transaction that took place on each specified date during July: begin{tabular}{ll|ll}
Question:
Given the following T-accounts, describe the transaction that took place on each specified date during July:
\begin{tabular}{ll|ll}
\multicolumn{4}{c}{ Cash } \\
\hline $7 / 5$ & 9,500 & $7 / 1$ & 3,420 \\
$7 / 28$ & 8,000 & $7 / 23$ & 2,000 \\
& & $7 / 25$ & 5,000 \\
& & $7 / 30$ & 5,500 \\
\hline Bal. & 1,580 & &
\end{tabular}
\begin{tabular}{rr|lr}
\multicolumn{3}{c}{ Accounts } & Receivable \\
\hline $7 / 14$ & 18,000 & $7 / 5$ & 9,500 \\
& & $7 / 28$ & 8,000 \\
\hline Bal. & 500 & & \\
& &
\end{tabular}
\begin{tabular}{lr|rr}
\multicolumn{4}{c}{ Inventory } \\
\hline $7 / 10$ & 20,000 & $7 / 14$ & 15,000 \\
\hline Bal. & 5,000 & & \\
& & &
\end{tabular}
Sales Revenue
$\frac{\text { Cost of Goods Sold }}{7 / 14 \quad 15,000}$
Rent Expense
$\begin{array}{ll}7 / 14 & 18,000\end{array}$
Advertising Expense
$7 / 1 \quad 3,420$
Step by Step Answer:
Survey Of Accounting
ISBN: 9780538846172
1st Edition
Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen