Daube Industries’ operations for the month of October are summarized as follows: Provided $2,500 of services in October on account. Received $2,000 cash from customers for services provided in October. Received $500 cash for services to be provided in November. Received $1,500 cash from customers on account for services provided in September. Paid September’s warehouse rental bill on account in the amount of $500. Received October’s warehouse rental bill of $750; set it aside to be paid at a later date. Required: Prepare journal entries to record the transactions identified among activities (A) through (F). Calculate the Net Income.
Daube Industries’ operations for the month of October are summarized as follows: Provided $2,500 of services in October on account. Received $2,000 cash from customers for services provided in October. Received $500 cash for services to be provided in November. Received $1,500 cash from customers on account for services provided in September. Paid September’s warehouse rental bill on account in the amount of $500. Received October’s warehouse rental bill of $750; set it aside to be paid at a later date. Required: Prepare journal entries to record the transactions identified among activities (A) through (F). Calculate the Net Income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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33
Daube Industries’ operations for the month of October are summarized as follows:
- Provided $2,500 of services in October on account.
- Received $2,000 cash from customers for services provided in October.
- Received $500 cash for services to be provided in November.
- Received $1,500 cash from customers on account for services provided in September.
- Paid September’s warehouse rental bill on account in the amount of $500.
- Received October’s warehouse rental bill of $750; set it aside to be paid at a later date.
Required:
- Prepare
journal entries to record the transactions identified among activities (A) through (F). - Calculate the Net Income.
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