Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2020, arabi sheikh established an inter

On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi...

60.1K

Verified Solution

Question

Accounting

image

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, $24100. July 10: Purchased a truck for $14600, paying $7800 cash and the remainder will be paid in the future. July 12: Paid annual premiums on property and casualty insurance (advance), $2580. July 17: Paid creditor a portion of the amount owed for truck purchased on July 10, $4790. July 20: Completed services on account and billed the customer, $7310 July 25: Received cash from customers on account, $3460. July 31: Paid salaries expense of $460 and utilities expense of $350. (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]

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Identify several of the major General Liability Exposures and how Commercial General Liability Coverage protects against...

Finance
Q

Suppose that y′=0.162sin2(ty)+1. Plot y(t) from t=0 to t=4 with y(0)=1.286 using Euler's method with a...

Basic Math
Q

HW8#11 A genetic experiment involving peas yielded one sample of offspring consisting of 430 green peas and...

Statistics
Q

1. Assume that in the process of throwing a baseball pitch, the baseball leaves the hand...

Physics
Q

Find the measure of the arc or angle indicated 160 O 100 O 118 O...

Geometry
Q

3 Find a formula for the exponential function passing through the points 1 1 2...

Calculus
Q

A company has traditionally allocated its overhead based on machine hours...

Accounting
Q

Which of the following is NOT consistent with the principle of materiality in accounting? ...

Accounting
Q

Consider the following transactions for BigGuy Tays: O (Click the icon to view the transactions.)...

Accounting
Q

Based on your research, discuss in detail the primary goals of FASB codification, its structure...

Accounting
Q

When comparing partnerships to sole proprietorships, an advantage of partnerships is that they:

Accounting
Q

AA Corporation's stock has a beta of 1.3. The risk-free rate is 6%, and the...

Finance