Transaction Analysis and Trial Balance Pam Brown owns ArtGraphics, a firm providing designs for advertisers and marketanalysts. On July 1, the business’s general ledger showed thefollowing normal account balances: Cash $8,800 Accounts Payable$2,400 Accounts Receivable 10,100 Notes Payable 5,300 Common Stock1,700 Retained Earnings 9,500 Total Assets $18,900 TotalLiabilities and Stockholders’ Equity $18,900 The followingtransactions occurred during the month of July: July 1 Paid Julyrent, $970. 2 Collected $7,400 on account from customers. 3 Paid$2,800 installment due on the $5,300 noninterest-bearing notepayable. 4 Billed customers for design services rendered onaccount, $16,850. 5 Rendered design services and collected fromcash customers, $1,500. 6 Paid $1,700 to creditors on account. 7Collected $13,050 on account from customers. 8 Paid a deliveryservice for delivery of graphics to commercial firms, $700. 9 PaidJuly salaries, $4,900. 10 Received invoice for July advertisingexpense, to be paid in August, $900. 11 Paid utilities for July,$650. 12 Paid stockholders a dividend of $2,300 cash. 13 Receivedinvoice for supplies used in July, to be paid in August, $2,560. 14Purchased computer for $4,600 cash to be used in business startingnext month. Required: a. Set up accounts for the general ledgerwith July 1 balances and enter the beginning balances. Also providethe following accounts: Equipment; Service Fees Earned; RentExpense; Salaries Expense; Delivery Expense; Advertising Expense;Utilities Expense; Supplies Expense; and Dividends. Prepare journalentries and record the listed transactions in the appropriateT-accounts.
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