On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allarie, the owner, finalized the company's records that showed the following items. Accounts payable $3,200 Accounts receivable 5,400 Cash 5,000 Computer equipment 5, 600 Furniture 5, 200 Breanne Allarie, capital, June 30, 2023* 21,000 Office rent expense 5, 900 Owner's investments during July 2023 4,600 Owner's withdrawals 4, 400 Supplies 2, 640 Textbook rental revenue 640 Tutoring revenue 7, 600 Tutors' wages expense 1,880 Utilities expense 1,020 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. Use the above information to prepare a July statement of changes in equity for Academic Learning Services. (Enter all values as positive.) Analysis Component: Identify those activities that caused equity to decrease during July 2023. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Loss earned during the month.unanswered Withdrawals by Breanne Allarie.unanswered Change in accounts receivable.unanswered Sale of
On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allarie, the owner, finalized the company's records that showed the following items. Accounts payable $3,200 Accounts receivable 5,400 Cash 5,000 Computer equipment 5, 600 Furniture 5, 200 Breanne Allarie, capital, June 30, 2023* 21,000 Office rent expense 5, 900 Owner's investments during July 2023 4,600 Owner's withdrawals 4, 400 Supplies 2, 640 Textbook rental revenue 640 Tutoring revenue 7, 600 Tutors' wages expense 1,880 Utilities expense 1,020 *Hint: The ending capital balance for one period is the beginning capital balance for the next period. Use the above information to prepare a July statement of changes in equity for Academic Learning Services. (Enter all values as positive.) Analysis Component: Identify those activities that caused equity to decrease during July 2023. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Loss earned during the month.unanswered Withdrawals by Breanne Allarie.unanswered Change in accounts receivable.unanswered Sale of
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PB: Lavender Company started its business on April 1, 2019. The following are the transactions that...
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Transcribed Image Text:On July 1, 2023, Academic Learning Services entered its second month of operations. On July
31, 2023, Breanne Allarie, the owner, finalized the company's records that showed the
following items. Accounts payable $ 3,200 Accounts receivable 5, 400 Cash 5,000 Computer
equipment 5, 600 Furniture 5, 200 Breanne Allarie, capital, June 30, 2023* 21,000 Office rent
expense 5,900 Owner's investments during July 2023 4, 600 Owner's withdrawals 4, 400
Supplies 2, 640 Textbook rental revenue 640 Tutoring revenue 7,600 Tutors' wages expense
1,880 Utilities expense 1,020 *Hint: The ending capital balance for one period is the beginning
capital balance for the next period. Use the above information to prepare a July statement of
changes in equity for Academic Learning Services. (Enter all values as positive.) Analysis
Component: Identify those activities that caused equity to decrease during July 2023. (You
may select more than one answer. Single click the box with the question mark to produce a
check mark for a correct answer and double click the box with the question mark to empty the
box for a wrong answer. Any boxes left with a question mark will be automatically graded as
incorrect.) check all that apply Loss earned during the month.unanswered Withdrawals by
Breanne Allarie.unanswered Change in accounts receivable.unanswered Sale of
automobiles.unanswered
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