Daube Industries' operations for the month of October are summarized as follows: A. Provided $2,500 of services in October on account. B. Received $2,000 cash from customers for services provided in October. C. Received $500 cash for services to be provided in November. D. Received $1,500 cash from customers on account for services provided in September. E. Paid September's warehouse rental bill on account in the amount of $500. F. Received October's warehouse rental bill of $750; set it aside to be paid at a later date. Required: a. Prepare journal entries to record the transactions identified among activities (A) through (F). b. Calculate the Net Income.

Daube Industries' operations for the month of October are summarized as follows: A. Provided $2,500 of services in October on account. B. Received $2,000 cash from customers for services provided in October. C. Received $500 cash for services to be provided in November. D. Received $1,500 cash from customers on account for services provided in September. E. Paid September's warehouse rental bill on account in the amount of $500. F. Received October's warehouse rental bill of $750; set it aside to be paid at a later date. Required: a. Prepare journal entries to record the transactions identified among activities (A) through (F). b. Calculate the Net Income.

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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