Judi Salem opened a law office on July 1, 2017. On July 31, thebalance sheet showed Cash $5,000, Accounts Receivable $1,500,Supplies $500, Equipment $6,000, Accounts Payable $4,200, andOwner’s Capital $8,800. During August, the following transactionsoccurred.1. Collected $1,200 of accounts receivable.2. Paid $2,800 cash on accounts payable.3. Recognized revenue of $7,500 of which $3,000 is collected incash and the balance is due in September.4. Purchased additional equipment for $2,000, paying $400 in cashand the balance on account.5. Paid salaries $2,500, rent for August $900, and advertisingexpenses $400.6. Withdrew $700 in cash for personal use.7. Received $2,000 from Standard Federal Bank—money borrowed on anote payable.8. Incurred utility expenses for month on account $270.
Asked Jan. 06, 2017
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