Matt Dudeck Has Operated a Lawn Care Business for 3

Essay

Matt Dudeck has operated a lawn care business for 3 months. The following transactions occurred in the fourth month:
1. Matt decides that the business needs a new vehicle. A truck is purchased for $20,000 and financed by a note payable for the full amount.
2. Matt invested $5,000 of his own funds in the business.
3. Invoices to customers were issued for services completed. The total invoices amount to $4,500.
4. Paid $350 on account for supplies purchased the prior month.
5. Collected $3,750 from customers for work completed and invoiced the prior month.
6. Paid wages of $250 to an assistant.
7. Received $300 deposit from a new customer for whom work will not be performed until next month.
For each transaction, complete the information on the following table: