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)
| 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. | |
| 8. |
Incurred utility expenses for month on account $370. QUESTIONS PLEASE SEE ATTACHMENT |
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