Mike Greenberg opened Novak Window Washing Inc. on July 1, 2022. During July, the following transactions were completed. July 1 Issued 11,300 shares of common stock for $11,300 cash.
1 Purchased used truck for $7,520, paying $1,880 cash and the balance on account.
3 Purchased cleaning supplies for $850 on account.
5 Paid $1,680 cash on a 1-year insurance policy effective July 1.
12 Billed customers $3,480 for cleaning services performed.
18 Paid $940 cash on amount owed on truck and $470 on amount owed on cleaning supplies.
20 Paid $1,880 cash for employee salaries.
21 Collected $1,500 cash from customers billed on July 12.
25 Billed customers $2,350 for cleaning services performed.
31 Paid $270 for maintenance of the truck during month.
31 Declared and paid $560 cash dividend.

Required:
Journalize the July transactions.

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.