Maria Sanchez Operates a Typing Service

question 49

Essay

Maria Sanchez operates a typing service. During the month of July, the first month of operations, the firm had the following transactions. Record these transactions on page 2 of a general journal. Omit the descriptions
July
4 Provided services for $3,550 on credit
5 Purchased a new computer for $1,250, issued a check for a $500 down
Purchased a new computer for $1,250, issued a check for a $500 down payment, with the balance payable in 30 days
7 Issued a check in the amount of $1,800 to pay a creditor on account
8 Collected $1,000 in cash from credit customers
9 Issued check for $3,000 for the August and September rent

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Definitions:

Price Sensitivity

How much the desire for a product or service shifts in response to price variations.

Strategic Decisions

High-level choices that determine the direction and success of an organization.

Weekly Profit

The amount of financial gain made in a business operation over the course of a week.

Gray Market

The sale of branded products through legal but unauthorized distribution channels.