The company recorded the following summary journal entries during July. a. Cash ............................................. 30,000 Sales .......................................................... 30,000

Question:

The company recorded the following summary journal entries during July.
a. Cash ............................................. 30,000
Sales .......................................................... 30,000
b. Cash .............................................. 8,000
Accounts Receivable ....................................... 40,000
Sales .......................................................... 48,000
c. Inventory ....................................... 25,000
Accounts Payable .......................................... 25,000
d. Cash ............................................ 33,000
Accounts Receivable ..................................... 33,000
e. ............................. 19,000
Cash ........................................................ 19,000
1. Write a brief description of each of the five transactions represented by the journal entries in (a) through (e).
2. At the beginning of July, the balance was $5,000. What is the balance at the end of July?
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...