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Business transactions during July are summarized

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Business transactions during July are summarized;$40,000, Capital Stock, $60,000. Business transactions during July are summarized as follows;Joel Palk invested additional cash in exchange for capital stock with a deposit of $35,000 in the business bank account.;Paid $50,000 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site.;Received cash from cash customers for dry cleaning revenue, $32,125.;Paid rent for the month, $6,000.;Purchased supplies on account, $2,500.;Paid creditors on account, $22,800.;Charged customers for dry cleaning revenue on account, $84,750.;Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500.;Paid the following: wages expense, $7,500, truck expense, $2,500, utilities expense, $1,300, miscellaneous expense, $2,700.;Received cash from customers on account, $88,000.;Determined that the cost of supplies on hand was $5,900, therefore, the cost of supplies used during the month was $3,600.;Paid dividends, $12,000.

 

Paper#29318 | Written in 18-Jul-2015

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