The Slidell Auto Supply Company entered into the following transactions during the month of July:

Required:
Using the basic accounting equation that we introduced in this chapter, record the preceding transactions. Use headings for the specific kinds of assets, liabilities, and owner's equity. Set up your answer in the following form:

Transcribed Image Text:

Date 1/7 11/7 16/7 31/7 Transaction Joan Slidell, the owner, deposited $12 000 in the cash account. Slidell Auto Supply purchased $800 of office supplies from Jips Paper Company, agreeing to pay for half of the supplies on 31 July and the rest on 15 August. Slidell Auto Supply purchased a three-year fire insurance policy on a building owned by the company, paying $600 cash. Slidell Auto Supply paid Jips Paper Company half the amount owed for the supplies purchased on 11 July.