Reference no: EM132720739
Problem - Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of July are as follows:
(a) On the first day of the month, Vozniak invested cash by making a deposit in a bank account for the business, $8,000.
(b) Paid rent for July, $150.
(c) Purchased a used van for cash, $5,000.
(d) Purchased tools on account from Clean Tools, $600.
(e) Purchased cleaning supplies that cost $300. Paid $200 cash and will pay the balance next month, $100.
(f) Paid part-time assistant (wages) for first half of month, $100.
(g) Paid for advertising, $75.
(h) Paid two-year premium for liability insurance on van, $480.
(i) Received cash from clients for services performed, $800.
(j) Performed cleaning services for clients on account, $500.
(k) Paid phone bill, $40.
(l) Received cash from clients for window cleaning performed on account in transaction (j), $200.
(m) Paid part-time assistant (wages) for last half of month, $150.
(n) Made partial payment on tools purchased in transaction (d), $200.
(o) Earned additional revenues amounting to $800: $600 in cash and $200 on account.
(p) Vozniak withdrew cash at the end of the month for personal expenses, $100.
Required - After transaction (p), compute the balance of each account.