Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Commor Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 Paid rent for the month, $2,800. Paid advertising expense, $500. 5 Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. 12 Received cash from customers on account, $15,500. 20 Paid creditor on account, $3,040. 27 Paid cash for miscellaneous expenses, $570. 30 Paid telephone bill for the month, $375. 31 Fees earned and billed to customers for the month, $50,540. 31 Paid electricity bill for the month, $840. 31 Paid dividends, $1,900.

Innovative Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Commor Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct. 1 Paid rent for the month, $2,800. Paid advertising expense, $500. 5 Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. 12 Received cash from customers on account, $15,500. 20 Paid creditor on account, $3,040. 27 Paid cash for miscellaneous expenses, $570. 30 Paid telephone bill for the month, $375. 31 Fees earned and billed to customers for the month, $50,540. 31 Paid electricity bill for the month, $840. 31 Paid dividends, $1,900.

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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Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.
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am. 295.
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Alpesh
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