Extracted text: Ref. Description Debit Credit 1) Advertising Expense 0. 0. 0. To record payment of rent expense. 2) Rent Expense 1,170 Utilities Expense 850 To record collections from customers. (3) Accounts Receivable 7,600 Accounts Receivable 0. To record payment of notes payable. (4) To record customer billings. (5) To record service fees rendered and collected. (6) To record payments to creditors. (7) 0. To record collections from customers. (8) P Type here to search O o
Extracted text: Cash $9,000 Accounts Payable $2,600 Accounts Receivable 10,300 Notes Payable 5,500 Common Stock 2,500 Retained Earnings 8,700 Total Assets $19,300 Total Liabilities and Stockholders' Equity $19,300 The following transactions occurred during the month of July: July 1 Paid July rent, $1,170. 2 Collected $7,600 on account from customers. 3 Paid $3,000 installment due on the $5,500 noninterest-bearing note payable. 4 Billed customers for design services rendered on account, $17,050. 5 Rendered design services and collected from cash customers, $1,700. 6 Paid $1,900 to creditors on account. 7 Collected $13,250 on account from customers. 8 Paid a delivery service for delivery of graphics to commercial firms, $900. 9 Paid July salaries, $5,100. 10 Received invoice for July advertising expense, to be paid in August, $1,100. 11 Paid utilities for July, $850. 12 Paid stockholders a dividend of $2,500 cash. 13 Received invoice for supplies used in July, to be paid in August, $2,760. 14 Purchased computer for $4,800 cash to be used in business starting next month. P Type here to search enovo