During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions.
July Transactions
Date Transaction Description
July Issued Common Stock in exchange for $ cash.
July Paid $ rent for the months of July and August
July Paid the insurance company $ for a one year insurance policy, beginning July
July Purchased inventory on account for $Assume that the perpetual inventory system is used.
July Borrowed $ from a local bank and signed a note. The interest rate is and principal and interest is due to be repaid in six months.
July Sold inventory on account for $ The cost of the inventory is $
July Paid employees $ salaries for the first half of the month.
July Sold inventory for $ cash. The cost of the inventory was $
July Paid $ to suppliers for the inventory purchased on January
July Collected $ on account from customers.
July Paid $ to the local utility company for July gas and electricity.
