Blossom Inc's general ledger at April 30, 2021, included the following: Cash $4.000: Supplies $300: Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift certificates) $1.000; Bank Loan Payable $10,000; Common Shares $5.000; and Retained Earnings S6,200. The following transactions occurred during May: May Paid rent for the month of May, $1.000. Paid $1.100 of the account payable outstanding at April 30. Issued gift certificates for future services for $1.500 cash. Received $2.000 from customers for services performed to date. Paid $1.200 in salaries to employees. Customers receiving services worth $700 used gift certificates in paymeht. 15 15 17 18 Paid the remaining accounts payable from April 30, 22 Purchased supplies of $700 on account. 24 Received a bill for advertising for $500. This bill is due on June 22. Received and paid a utilities bill for $400, Received $2.100 from customers for services performed. Customers receiving services worth $600 used gift certificates in payment. Interest of $50 was paid on the bank loan. Paid $1,200 in salaries to employees. 25 28 29 30 31 31 Paid income tax instalment for the month, $150.

Blossom Inc's general ledger at April 30, 2021, included the following: Cash $4.000: Supplies $300: Equipment $20,000; Accounts Payable $2,100, Deferred Revenue (from gift certificates) $1.000; Bank Loan Payable $10,000; Common Shares $5.000; and Retained Earnings S6,200. The following transactions occurred during May: May Paid rent for the month of May, $1.000. Paid $1.100 of the account payable outstanding at April 30. Issued gift certificates for future services for $1.500 cash. Received $2.000 from customers for services performed to date. Paid $1.200 in salaries to employees. Customers receiving services worth $700 used gift certificates in paymeht. 15 15 17 18 Paid the remaining accounts payable from April 30, 22 Purchased supplies of $700 on account. 24 Received a bill for advertising for $500. This bill is due on June 22. Received and paid a utilities bill for $400, Received $2.100 from customers for services performed. Customers receiving services worth $600 used gift certificates in payment. Interest of $50 was paid on the bank loan. Paid $1,200 in salaries to employees. 25 28 29 30 31 31 Paid income tax instalment for the month, $150.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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