Homework Sourseignment EN PRINTER VERSION n BACK s Problem 12A Part Level
ignment EN PRINTER VERSION | n BACK s Problem 1-2A (Part Level Submission) Dudi Salem opened a law office on July 1, 2017.On July 31, the balance sheet showed Cash $5,900, Accounts Receivable $2,000, Supplies $500, Equipment $6,100, Accounts Payable s Owner\'s Capital $10,200. During August, the following transactions occurred. 1. Collected $1,700 of accounts receivable. 2. Paid $2,700 cash on accounts payable. 3. Recognized revenue of $7,600, of which $3,200 is collected in cash and the balance is due in September 4. Purchased additional equipment for $2,200, paying $400 in cash and the balance on account. 5. Paid salaries $2,500, rent for August $1,000, and advertising expenses $400. 6. Withdrew $700 in cash for personal use. 7. Received $1,200 from Standard Federal Bank-money borrowed on a note payable tu . Incurred utlity expenses for month on account $350. 
Solution
JUDI SALEM, ATTORNEY AT LAW Asstes = Liabilities + Owner\'s Equity - Expenses Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Qwner\'s Equity - Owner\'s Drawings + Revenues - Salaries - Rent - Advertising Expense - Utility Expense Bal. 5,900 + 2,000 + 500 + 6,100 = + 4,300 + 10,200 - + - - - - 1 1,700 + (1,700) + + = + + - + - - - - 2 (2,700) + + + = + (2,700) + - + - - - - - 3 3,200 + 4,400 + + = + + - + 7,600 - - - - 4 (400) + + + 2,200 = + 1,800 + - + - - - - 5 (3,900) + + + = + + - + - 2,500 - 1,000 - 400 - 6 (700) + + + = + + - 700 + - - - - 7 1,200 + + + = 1,200 + + - + - - - - 8 + + + = + 350 + - + - - - - 350 Total $ 4,300 + $ 4,700 + $ 500 + $ 8,300 = $ 1,200 + $ 3,750 + $ 10,200 - $ 700 + $ 7,600 - $ 2,500 - $ 1,000 - $ 400 - $ 350