Reference no: EM131262621
The Montero Company, a wholesale distributor of furnace and air conditioning equipment, began business on July 1, 20X2. The following summarized transactions occurred during July:
a. Montero’s stockholders contributed $300,000 in cash in exchange for their common stock.
b. On July 1, Montero signed a 1-year lease on a warehouse, paying $48,000 cash in advance for occupancy of 12 months.
c. On July 1, Montero acquired warehouse equipment for $100,000. A cash down payment of $40,000 was made, and a note payable was signed for the balance.
d. On July 1, Montero paid $24,000 cash for a 2-year insurance policy covering fire, casualty, and related risks.
e. Montero acquired assorted merchandise for $35,000 cash.
f. Montero acquired assorted merchandise for $190,000 on open account.
g. Total sales were $205,000, of which $30,000 were for cash.
h. Cost of inventory sold was $155,000.
i. Rent expenses was recognized for the month of July.
j. Depreciation expenses of $2,000 was recognized for the month.
k. Insurance expenses was recognized for the month.
l. Collected $45,000 from credit customers.
Disbursed $80,000 to trade customers.
Could you please explain how these transactions would look on the balance sheet?
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