H&R Clock Company
the Following Transactions Were Incurred During July

question 7

Essay

H&R Clock Company
The following transactions were incurred during July 2014:
$\begin{array}{ll} \text { July 1 } & \text { Raised \$ 30,000 by issuing a note to the bank for \$ 15,000 and issuing \$ 15,000 of common stock } \\ \text { July 5 } & \text { Purchased \$ 5,100 of office supplies on credit; payment is due in 30 days. } \\ \text { July 12 } & \text { Performed \$ 18,000 of services for customers on credit; collection is due in 30 days. } \\ \text { July 13 } & \text { Performed services for customers and collected \$ 8,800 . } \\ \text { July 20 } & \text { Paid for the supplies purchased on July 5. } \\ \text { July 22 } & \text { Collected \$ 15,000 of the amounts due from customers. } \\ \text { July 30 } & \text { Received and paid the utility bill for the month of July, \$ 640 . } \\ \text { July 31 } & \text { Paid employee salaries of \$ 3,800 . } \\\end{array}$

-Refer to H&R Clock Company.Set up T-accounts and post each transaction to the T-accounts.

---

Definitions:

Price-fixing

An illegal agreement among competitors to set prices at a certain level rather than allowing them to fluctuate naturally with market forces.

Clayton Act

A U.S. antitrust law, enacted in 1914, aimed at promoting fair competition and preventing monopolies.

Illegal Cooperative Agreements

Illegal cooperative agreements refer to unlawful arrangements between competing businesses to fix prices, divide markets, or engage in other anti-competitive practices.

Trade Restraint

Any measure or policy that restricts international trade, including tariffs, quotas, and embargoes.