Cantu Excavating digs basements for building contractors. It is owned by Robert Cantu and began operations June 1, 2014. The June activities resulted in totals at June 30, 2014, as follows (illustrated in accounting equation format):

During July, the following occurred:
July 1 Cantu invested $20,000 cash in the business.
1 Rented office space and paid the month's rent of $1,000.
1 Purchased excavating equipment for $8,000 by paying $3,000 in cash and agreeing to pay the balance in 30 days.
6 Purchased office supplies by paying $1,000 cash.
8 Completed work for a customer and immediately collected $4,400 for doing the work.
10 Purchased $7,600 of office equipment on credit.
15 Completed work for a customer on credit in the amount of $4,800.
17 Purchased $3,840 of office supplies on credit.
23 Paid for the office equipment purchased on July 10.
25 Billed a customer $10,000 for completed work; the balance is due in 30 days.
28 Received $4,800 for the work completed on July 15.
31 Paid an assistant's salary of $4,500.
31 Paid the monthly utility bills of $1,700.
31 Cantu withdrew $2,400 cash from the business to pay personal expenses.
Required
Use additions and subtractions to show the effects of each July transaction on the items in tin equation. Do not determine new totals for the items of the equation after each transaction. Next to each change in equity, state whether the change was caused by an investment, a revenue, an expense, or a withdrawal. Determine the final total for each item and verify that the equation is in balance.

Transcribed Image Text:

a Liabilities +Equity Robert cavating Accounts Cantu, Assets Office Office Excavating Accounts Cash Receivable Supplies + Equip. Equip Payable Capital $12,000$4,600$1,560 $9,600$24,000$6,200 $45,560