During March 2016, its first month of operations, the owner of Soloist Co. invested cash of $50,000 in the business. Soloist had cash revenues of $16,000 and paid expenses of $21,000. Assuming no other transactions impacted the cash account, what is the balance in the cash account at March 31?
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- The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December 2016, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.please solve this question
- can you please solve this answerBailey Co earns $27,792 of revenue on account and in $6,256 cash revenue transactions in Year 1. Cash collections of receivables amount to $7,152 in Year 1 with the remainder being collected in Year 2. Based on this information alone the company’s financial statements would show Total Revenue in Year 1 of $_On January 1, 2015, Accounts Receivable was $45,000. Sales on accountfor 2015 totaled $186,000. The ending balance of Accounts Receivable was $56,000. What is the amount of cash collected from customers?
- On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers?On January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers? AccountingOn January 1, 2015, Accounts Receivable was $37,000. Sales on account for 2015 totaled $196,000. The ending balance of Accounts Receivable was $66,000. What is the amount of cash collected from customers? I want answer to this financial accounting Problem
- The controller for Blossom Co. is attempting to determine the amount of cash to be reported on its December 31, 2017, balance sheet. The following information is provided. 1. Blossom received a post-dated check from a customer. The check is dated January 1, 2018, in the amount of $24,000. The company has a certificate of deposit of $80,000. The CD matures 120 days after its November 1, 2017 date of 2. origination. Blossom Co. holds a commercial savings account of $400,000 and a commercial checking account balance of $1,000,000 at First National Bank of Alexander. In addition, a bank overdraft of $70,000 existed at year-end in a separate account 3. that the company uses to deposit cash receipts at First National Bank of Alexander. 4. A separate cash fund in the amount of $1,375,000 is set aside for the expansion of the company's New Jersey factory. On December 21, 2017, Blossom Co. purchased $700,000 of commercial paper from Voight, Inc. The commercial paper matures January 14, 2018. 5.…On January 1, 2017, Gill Company reported accounts receivable of $216,000, which changed to $248,000 on December 31, 2017. During 2017, the company collected $537,000 of cash from credit customers. Determine the company’s credit sales for the year 2017.Hi expert please give me answer general accounting