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

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Definitions:

Intangible Assets

Non-physical assets owned by a company, such as patents, trademarks, goodwill, and copyrights, that are valuable but lack physical substance.

Common Stock

A type of security that represents ownership in a corporation, giving shareholders voting rights and a share in the company's profits through dividends.

Noncash Investing

Investing activities that do not involve direct cash transactions, such as acquiring assets through exchange or issuing stock for assets.

Free Cash Flow

The amount of cash a company generates after accounting for capital expenditures required to maintain or expand its asset base.