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

question 1

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. Using the general ledger, prepare a trial balance. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Trial Balance }$
$\begin{array}{|l|l|l|}\hline \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad&\text { Debit\quad\quad\quad } & \text { Credit\quad\quad } \\\hline& & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline & \\\hline\end{array}$

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Definitions:

Fixed Assets

Fixed Assets are long-term tangible assets, such as buildings, machinery, and equipment, used in the operations of a business and not expected to be converted to cash within a year.

Current Assets

Assets that are expected to be converted into cash, sold or consumed within one year or within the operating cycle of a business, whichever is longer.

Intangible Assets

Non-physical assets that have value, such as patents, trademarks, and copyrights, known for their long-term benefits to a company.

Gain on Sale

The profit recognized when an asset is sold for more than its carrying amount.