On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi Sheikh completed the
Posted: Tue Nov 16, 2021 8:42 am
On July 1, 2020, Arabi Sheikh established an interior decorating
business. During the month, Arabi Sheikh completed the following
transactions related to the business:
July 1: Arabi transferred cash from his personal account and
invested it for business use, $23200.
July 10: Purchased a truck for $14300, paying $7800 cash and the
remainder will be paid in the future.
July 12: Paid annual premiums on property and casualty insurance
(advance), $2590.
July 17: Paid creditor a portion of the amount owed for truck
purchased on July 10, $4600.
July 20: Completed services on account and billed the customer,
$7760
July 25: Received cash from customers on account, $3390.
July 31: Paid salaries expense of $500 and utilities expense of
$330.
(a) Journalize the above transactions for the month of July
(b) Prepare ledger accounts in running balance format
(c) Prepare trial balance at 31 July 2020
[NOTE: Once released, the correct answers will appear on the free
spaces below. For submission, check the following instructions]
business. During the month, Arabi Sheikh completed the following
transactions related to the business:
July 1: Arabi transferred cash from his personal account and
invested it for business use, $23200.
July 10: Purchased a truck for $14300, paying $7800 cash and the
remainder will be paid in the future.
July 12: Paid annual premiums on property and casualty insurance
(advance), $2590.
July 17: Paid creditor a portion of the amount owed for truck
purchased on July 10, $4600.
July 20: Completed services on account and billed the customer,
$7760
July 25: Received cash from customers on account, $3390.
July 31: Paid salaries expense of $500 and utilities expense of
$330.
(a) Journalize the above transactions for the month of July
(b) Prepare ledger accounts in running balance format
(c) Prepare trial balance at 31 July 2020
[NOTE: Once released, the correct answers will appear on the free
spaces below. For submission, check the following instructions]