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:

Stewardship

The act of managing or looking after another's property, finances, or affairs responsibly and ethically, often used in contexts of environmental conservation and nonprofit management.

Organization's Assets

The total resources owned by an organization, including physical items, financial resources, and intangible items like goodwill and intellectual property.

Nonprofit's Mission

The foundational statement that guides a nonprofit organization's objectives, strategies, and actions, outlining its purpose and the community or cause it serves.

Organization's Board

A group of individuals elected or appointed to oversee and govern the activities and strategic direction of an organization.