can anyone help me with that? During July, the following occurred July 1 Cantu i

Question

can anyone help me with that?

During July, the following occurred July 1 Cantu invested $20,000 cash in the business. Rented office space and paid the month's rent of $1,000. Purchased sound system equipment for $8,000 by paying$ 30 days. 1 1 3,000 in cash and agreeing to pay the balance in 6 Purchased office supplies by paying $1,000 cash. 8 Provided DJ services for three weddings and immediately collected $4,400 in total for completing the services. 10 Purchased $7,600 of projectors and screens on credit. 15 Completed DJ services for a customer on credit in the amount of $4,800. 17 Purchased $3,840 of office supplies on credit. 23 Paid for the event equipment purchased on July 10. 25 Billed a large corporate customer $6.000 for DJ services and $4.000 for the rental of event equipment, the balance is due in 30 days. 28 Received $4,800 for the work completed on July 15. 31 Paid DJ wages of $4,500. 31 Paid the monthly utility bills of $1.700. 31 Cantu withdrew $2.400 cash from the business to pay personal expenses Required Use additions and subtractions to show the effects of each July transaction on the items in the equation. Do not determine new totals for the items of the equation after each transae- tion. Next to each change in equity, state whether the change was caused by an investment, a reve- nue, an expense, or a withdrawal. Determine the final total for each item and verify that the equation is in balance

Explanation / Answer

Date Assets = Liabilities + Stockholder's equity Cash Accounts receivable Office Supplies Equipment = Accounts Payable + July 1 20000 = + 20000 Investment July 1 -1000 = + -1000 Rent expense July 1 -3000 8000 = 5000 + July 6 -1000 1000 = + July 8 4400 = + 4400 Service revenue July 10 7600 = 7600 + July 15 4800 = + 4800 Service revenue July 17 3840 = 3840 + July 23 -7600 = -7600 + July 25 10000 = + 10000 Service revenue July 28 4800 -4800 = + July 31 -4500 = + -4500 Wages expense July 31 -1700 -1700 Utility expense July 31 -2400 -2400 Withdrawals 8000 10000 4840 15600 8840 29600 Verification of the equation: Total Assets = Liabilities + Stockholder's Equity $38,440 (8000+10000+4840+15600) = $38,440 (8840+29600)

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