Question: Current Attempt in Progress Bindy Crawford created a corporation providing legal services, Tamarisk Inc, on July 1 , 2 0 2 5 . On July

Current Attempt in Progress
Bindy Crawford created a corporation providing legal services, Tamarisk Inc, on July 1,2025. On July 31 the balance sheet showed Cash $4,800, Accounts Receivable $4,900, Supplies $880, Equipment $7,400, Accounts Payable $6,600, Common Stock $9,400, and Retained Earnings $1,980. During August, the following transactions occurred.
Aug. 1 Collected $1,020 of accounts receivable due from customers.
4 Paid $2,760 cash for accounts payable due.
9. Performed services worth $5,560, of which $3,660 is collected in cash and the balance is due in September.
15 Purchased additional office equipment for $4.160, paying $500 in cash and the balance on account.
19 Paid salaries $1,310, rent for August $760, and advertising expenses $370.
23 Paid a cash dividend of $690.
26 Borrowed $5,750 from American Federal Bank; the money was borrowed on a 4-month note payable.
31 Incurred utility expenses for the month on account $380.
(a)
Prepare a tabular analysis of the August transactions beginning with July 31 balances. Include margin explanations for any changes in Retained Earnings. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Post entries in the order presented in the question.)
Assets
Cash
Accounts Receivable
Supplies
 Current Attempt in Progress Bindy Crawford created a corporation providing legal

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!