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Truro Excavating Co owned by Raul Truro began operations in July and completed these transactions during that first month of operations. July 1 R Truro invested $68600 cash in the company in

Truro Excavating Co., owned by Raul Truro, began operations in July and completed these transactions during that first month of operations. July 1 R. Truro invested $68,600 cash in the company in exchange for common stock. 2 The company rented office space and paid $1,300 cash for the July rent. 3 The company purchased excavating equipment for $14,600 by paying $6,400 cash and agreeing to pay the $8,200 balance in 30 days. 6 The company purchased office supplies for $900 cash. 8 The company completed work for a customer and immediately collected $2,000 cash for the work. 10 The company purchased $2,720 of office equipment on credit. 15 The company completed work for a customer on credit in the amount of $4,300. 17 The company purchased $350 of office supplies on credit. 23 The company paid $2,720 cash for the office equipment purchased on July 10. 25 The company billed a customer $1,000 for work completed; the balance is due in 30 days. 28 The company received $4,300 cash for the work completed on July 15. 30 The company paid an assistant’s salary of $1,900 cash for this month. 31 The company paid $590 cash for this month’s utility bill. 31 The company paid $900 cash for dividends. Required 1. Arrange the following asset, liability, and equity titles in a table like Exhibit 1.9: Cash; Accounts Receivable; Office Supplies; Office Equipment; Excavating Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses. 2. Use addition

May 22 2020 Read more Less More

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