Solved

H&R Clock Company
the Following Transactions Were Incurred During July

Question 163

Essay

H&R Clock Company
The following transactions were incurred during July 2014:
 July 1  Raised $ 30,000 by issuing a note to the bank for $ 15,000 and issuing $ 15,000 of common stock  July 5  Purchased $ 5,100 of office supplies on credit; payment is due in 30 days.  July 12  Performed $ 18,000 of services for customers on credit; collection is due in 30 days.  July 13  Performed services for customers and collected $ 8,800 .  July 20  Paid for the supplies purchased on July 5.  July 22  Collected $ 15,000 of the amounts due from customers.  July 30  Received and paid the utility bill for the month of July, $ 640 .  July 31  Paid employee salaries of $ 3,800 . \begin{array}{ll} \text { July 1 } & \text { Raised \$ 30,000 by issuing a note to the bank for \$ 15,000 and issuing \$ 15,000 of common stock } \\ \text { July 5 } & \text { Purchased \$ 5,100 of office supplies on credit; payment is due in 30 days. } \\ \text { July 12 } & \text { Performed \$ 18,000 of services for customers on credit; collection is due in 30 days. } \\ \text { July 13 } & \text { Performed services for customers and collected \$ 8,800 . } \\ \text { July 20 } & \text { Paid for the supplies purchased on July 5. } \\ \text { July 22 } & \text { Collected \$ 15,000 of the amounts due from customers. } \\ \text { July 30 } & \text { Received and paid the utility bill for the month of July, \$ 640 . } \\ \text { July 31 } & \text { Paid employee salaries of \$ 3,800 . } \\\end{array}
-Refer to H&R Clock Company.Prepare a trial balance in proper format.Assume that the company had no additional accounts or balances other than those created from the July transactions.

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents