On July 1, 2020, Academic Learning Services entered its second month of operations On July 31, 2020, Breanne Allarie, the owner, finalized the companys records that showed the following items Accounts payable $ 3,400 Accounts receivable 5,800 Cash 5,400 Computer equipment 6,000 Furniture 5,600 Breanne Allarie, capital, June 30, 2020 22,600 Office rent expense 6,300 Owners investments during July 2020 5,000 Owners withdrawals 4,800 Supplies 2,800 Textbook rental revenue 680 Tutoring revenue 8,000 wages expense 1,920 Utilities expense 1,060 Hint The ending capital balance for one period is the beginning capital balance for the next period prepare a July 31 balance sheet for Academic Learning Services Analysis Component Identify how much of the assets held by Academic Learning Services are financed by debt

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Question: On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the companys records

On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the companys records that showed the following items.


Accounts payable	$	3,400
Accounts receivable		5,800
Cash		5,400
Computer equipment		6,000
Furniture		5,600
Breanne Allarie, capital, June 30, 2020*		22,600
Office rent expense		6,300
Owners investments during July 2020		5,000
Owners withdrawals		4,800
Supplies		2,800
Textbook rental revenue		680
Tutoring revenue		8,000
wages expense		1,920
Utilities expense		1,060

*Hint: The ending capital balance for one period is the beginning capital balance for the next period. prepare a July 31 balance sheet for Academic Learning Services.

Analysis Component: Identify how much of the assets held by Academic Learning Services are financed by debt.

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