The Following Transactions Were Incurred During July Year 1:
$\quad$

question 238

Essay

The following transactions were incurred during July Year 1:
July 1 $\quad$ The company raised $\$ 30,000$ by issuing a note to the bank for $\$ 15,000$ and issuing $\$ 15,000$ of common shares.

July 5 $\quad$ The company purchased $\$ 5,100$ of office supplies on credit; payment is due in: 30 days.

July 12 $\quad$ The company performed $\$ 18,000$ of services for customers on credit; collection is due in 30 days.

July 13 $\quad$ The company performed services for customers and collected $\$ 8,800$ .

July 20 $\quad$ The company paid for the supplies purchased on July 5 .

July 22 $\quad$ The company collected $\$ 15,000$ of the amounts due from customers.

July 30 $\quad$ The company received and paid the utility bill for the month of July in the amount of $\$ 640$ .

July 31 $\quad$ The company paid emplovee salaries of $\$ 3.800$ .
-Refer to H&R Clock Company.Record each transaction in proper journal entry format in the journal provided.A written explanation for each journal entry is not required.

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Definitions:

Mountains

Large landforms that rise prominently above the surrounding landscape, typically having steep slopes and significant height differences, formed by processes such as tectonic movements or erosion.

Cloud Formation

The process by which water vapor in the atmosphere cools and condenses into water droplets or ice crystals, forming clouds.

Precipitation

Atmospheric water that falls to the surface as rain, snow, hail, or sleet.

Slopes

Inclined surfaces of the land, determining the direction and speed of water flow and often a factor in erosion and sediment deposition processes.