A tabular summary of the transactions for Cullumber & Co., an accounting firm, for its first month
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Question:
A tabular summary of the transactions for Cullumber & Co., an accounting firm, for its first month of operations, July 2024, follows:
Cash | + | Accounts Receivable | + | Prepaid Insurance | + | Equipment | = | Accounts Payable | + | B. Cullumber, Capital | - | B. Cullumber, Drawings | + | Revenues | - | Expenses | ||
1 | $18,000 | $6,000 | $24,000 | |||||||||||||||
2 | -4,000 | 8,000 | $4,000 | |||||||||||||||
3 | -750 | $750 | ||||||||||||||||
4 | 3,500 | $5,100 | $8,600 | |||||||||||||||
5 | -2,000 | -2,000 | ||||||||||||||||
6 | -3,300 | -$3,300 | ||||||||||||||||
7 | -800 | -$800 | Rent | |||||||||||||||
8 | 1,350 | -1,350 | ||||||||||||||||
9 | -3,900 | -3,900 | Salaries | |||||||||||||||
10 | 530 | -530 | Utilities |
Prepare income statement for July.
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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