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QUESTION
6
Correct Mark 214.00 out of 214.00
Transaction Analysis and Trial Balance
Pam Brown owns Art Graphics, a firm providing designs
for advertisers and market analysts. On July 1, the
business’s general ledger showed the following normal
account balances:
Cash $6,800 Accounts Payable $2,100
Accounts
Receivable
9,800 Notes Payable 3,300
Common Stock 2,000
Retained Earnings
9,200
Total Assets
$16,600
Total Liabilities and
Stockholders' Equity
$16,600
The following transactions occurred during the month of
July:
July 1 Paid July rent, $510.
2 Collected $7,100 on account from customers.
3
Paid $1,800 installment due on the $3,300
noninterest-bearing note payable.

4
Billed customers for design services rendered on
account, $16,550.
5
Rendered design services and collected from cash
customers, $1,200.
6 Paid $1,400 to creditors on account.
7 Collected $12,750 on account from customers.
8
Paid a delivery service for delivery of graphics to
commercial firms, $650.
9 Paid July salaries, $4,600.
10
Received invoice for July advertising expense, to be
paid in August, $600.