first year operations during 2012 1. issued common stock of $2000 2. purchased $600 Of supplies on account 3. earned 6,000 of revenue on account 4. collected 5.5K from AR 5. paid 1.2k for contact beginning feb 1, 2012 6. paid $100 cash dividend 7. supplies on hand dec 31, 2012 = $100 8. made adjusting entry necessary to recognize rent expense - net income reported dec. 31, 2012 would be on the income statement? - total assets dec 31, 2012 balance sheet? - retained earnings dec 31, 2012 bs? - net cash flow from operating on statement of cash flow?
first year operations during 2012 1. issued common stock of $2000 2. purchased $600 Of supplies on account 3. earned 6,000 of revenue on account 4. collected 5.5K from AR 5. paid 1.2k for contact beginning feb 1, 2012 6. paid $100 cash dividend 7. supplies on hand dec 31, 2012 = $100 8. made adjusting entry necessary to recognize rent expense - net income reported dec. 31, 2012 would be on the income statement? - total assets dec 31, 2012 balance sheet? - retained earnings dec 31, 2012 bs? - net cash flow from operating on statement of cash flow?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 18MC: Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of...
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