Table 7-9
the Following Transactions Occurred During the Month of July

question 91

Essay

Table 7-9
The following transactions occurred during the month of July for Lancer Company. $\begin{array}{llcc} \text {July 1 } &\text {Sold Merchandise on credit for \( \$ 3,100 \) to Chris Co, \( 2 / 10, \mathrm{n} 30 \), Invoice 316 . } \\ \text { 7 } & \text { Sold merchandise on credit to D. James for \( \$ 900,2 / 20 \), n 30 , Invoice 317 . }\\ \text {8 } &\text {Borrowed \( \$ 2,750 \) by giving a note to the bank. }\\ \text {13 } &\text {Owner invested an additional \( \$ 3,500 \) cash into the business. }\\ \text { 18 } &\text { Sold merchandise to \( M \). Garnett for \( \$ 230 \) cash.}\\ \text { 22} &\text { Sold merchandise to \( \mathrm{ABC} \) Co. \( \$ 2,100 \), Invoice \( 318 \mathrm{n} / 30 \). }\\ \text {27 } & \text { Received payment from D. James for the July 7 purchase. }\\ \text {30 } &\text {Paid salaries of \( \$ 1,600 \). }\\\end{array}$


-Refer to Table 7-9. Record transactions in the sales and cash receipts journals only (foot and cross-foot journals). $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$ $\text { Sales Journal}$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Page 2}$
$\begin{array}{c|c|l|l|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Debited }\end{array} & \text { Invoice Number } & \text { PR } & \begin{array}{c}\text { Accounts Receivab le Dr. } \\\text { Sales Cr. }\end{array} \\\hline & & & & \\\hline & & & &0 \\\hline & & & & \\\hline & & & & \\\hline\end{array}$

$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Cash Receipts Journal }$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Page 2}$
$\begin{array}{c|c|c|c|c|c|c|c|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Credited }\end{array} & \text { PR } & \text { Explanation } & \begin{array}{c}\text { Cash } \\\text { Dr. }\end{array} & \begin{array}{c}\text { Sales } \\\text { Disc. } \\\text { Dr. }\end{array} & \begin{array}{c}\text { Accts. } \\\text { Rec. } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Sales } \\\text { Cr. }\end{array} & \begin{array}{c}\text { Other } \\\text { Accts. } \\\text { Cr. }\end{array} \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & & \\\hline & & & & & & & &\\\hline \end{array}$

Recognize the effects of bonus issues, share dividends, and share splits on share price and shareholders' equity.

Understand how to utilize Word's Backstage view for file management, including creating electronic image files.

Master keyboard shortcuts for selecting items, deleting characters, and selecting paragraphs within Word.

Learn to manipulate graphic positioning and understand the options available for graphic placement in a document.

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Definitions:

Spillovers

Economic events in one context that have effects on a third party or in a different context, often external to the initial economic activity.

Marginal Cost

The additional cost incurred by producing one extra unit of a good or service.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.