On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances: Cash
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Aug. 3 | Collected $1,190 of accounts receivable due from customers. | |
5 | Received $1,330 cash for issuing common stock to new investors. | |
6 | Paid $2,670 cash on accounts payable. | |
7 | Performed legal services of $6,550, of which $2,970 was collected in cash and the remainder was due on account. | |
12 | Purchased additional equipment for $1,180, paying $390 in cash and the balance on account. | |
14 | Paid salaries $3,430, rent $880, and advertising expenses $270 for the month of August. | |
18 | Collected the balance for the services performed on August 7. | |
20 | Paid cash dividend of $490 to stockholders. | |
24 | Billed a client $980 for legal services performed. | |
26 | Received $1,960 from Laurentian Bank; the money was borrowed on a bank note payable that is due in 6 months. | |
27 | Agreed to perform legal services for a client in September for $4,410. The client will pay the amount owing after the services have been performed. | |
28 | Received the utility bill for the month of August in the amount of $270; it is not due until September 15. | |
31 | Paid income tax for the month $490. |
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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