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

question 87

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. Prepare a schedule for accounts receivable. $$\begin{array}{l}\text { Schedule of A ccounts Receivab le }\\\begin{array} { | l | l | l | } \hline ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~& ~~~~~~~~~~~~&~~~~~~~~~~ \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}\end{array}$$

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Definitions:

Drawing Account

An account used by a sole proprietor to track money withdrawn from the business for personal use.

Total Assets

The sum of all current and non-current assets owned by a company, representing its overall value.

Cash Collection

The process of receiving and processing payments from customers, including cash, checks, and credit card payments.

Expense Accounts

Financial accounts used to track money spent or costs incurred in a company's operations.