Here are the transactions for Great Gardens during August, its first month, of operations:
1. Holly Sevigne, the owner, made a $25,000 cash investment to start business.
2. Purchased equipment for $7,000. Paid $2,000 cash and signed a note for the balance.
3. Incurred $250 of advertising expense on account.
4. Billed customers for services performed, $3,200.
5. Holly Sevigne withdrew cash for her personal use, $2,000.
6. Received $2,100 from customers billed in transaction 4.
7. Received $3,000 cash from customers for work to be performed in September.
8. Received $1,000 cash from customers for services performed.
9. Paid $250 for advertising expense incurred in transaction 3.
10. Paid $700 for a 12-month insurance policy starting September 1.
Instructions
Prepare a tabular analysis of the above transactions, as shown in Illustration 1-10 in the text.