Problem 1-2A (Part Level Submission) 2023 Business Finance

2023 Problem 1 2A Part Level Submission Judi Salem opened a law office on July 1

Problem 1-2A (Part Level Submission)

Judi Salem opened a law office on July 1, 2017. On July 31, the balance sheet showed Cash $6,000, Accounts Receivable $1,600, Supplies $400, Equipment $6,000, Accounts Payable $4,000, and Owner’s Capital $10,000. During August, the following transactions occurred.

1.   Collected $1,300 of accounts receivable.
2.   Paid $2,500 cash on accounts payable.
3.   Recognized revenue of $8,700, of which $2,100 is collected in cash and the balance is due in September.
4.   Purchased additional equipment for $2,500, paying $500 in cash and the balance on account.
5.   Paid salaries $2,200, rent for August $1,200, and advertising expenses $450.
6.   Withdrew $800 in cash for personal use.
7.   Received $1,700 from Standard Federal Bank—money borrowed on a note payable.

Incurred utility expenses for month on account $370.


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