MUKISLAP DRY CLEANERS Trial Balance June 30, 2008 Account Debit Credit Account Titles No. 101 112 126 157 125.320 P. 105,360 48.440 259,500 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Revenue Mukislap, Capital P 158,780 17,300 362,540 P 538,620 201 206 301 Balance P 538,620 The July transactions were as follows: 8 Collected P49,360 in cash on June 30 accounts receivable. 9 Paid employee salaries P21,000. 11 Received P43,250 in cash for services rendered. 14 Paid June 30 creditors P107,500 on account. 17 Purchased supplies on account P5,540. 22 Billed customers for services rendered, P47,000. 30 Paid employee salaries P31,140, utilities P13,840 and repairs P6,920 31 Withdrew P7,000 cash for personal use of owner. July Instructions: (a) Journalize the accounts using additional account titles: Mukislap, Drawing; Dry Cleaning Revenue; Repair Expense; Salaries Expense; Utilities Expense. (b) Post to the ledger accounts. (c) Prepare a trial balance on July 31, 2008. Jare Sro

MUKISLAP DRY CLEANERS Trial Balance June 30, 2008 Account Debit Credit Account Titles No. 101 112 126 157 125.320 P. 105,360 48.440 259,500 Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Revenue Mukislap, Capital P 158,780 17,300 362,540 P 538,620 201 206 301 Balance P 538,620 The July transactions were as follows: 8 Collected P49,360 in cash on June 30 accounts receivable. 9 Paid employee salaries P21,000. 11 Received P43,250 in cash for services rendered. 14 Paid June 30 creditors P107,500 on account. 17 Purchased supplies on account P5,540. 22 Billed customers for services rendered, P47,000. 30 Paid employee salaries P31,140, utilities P13,840 and repairs P6,920 31 Withdrew P7,000 cash for personal use of owner. July Instructions: (a) Journalize the accounts using additional account titles: Mukislap, Drawing; Dry Cleaning Revenue; Repair Expense; Salaries Expense; Utilities Expense. (b) Post to the ledger accounts. (c) Prepare a trial balance on July 31, 2008. Jare Sro

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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The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5 $101,477 Receipts from credit customers $93,457 Credit sales $57,133 Cash sales $14,086 Dishonoured cheques from credit customers $570 Contra with the trade payables ledger $9,040 Cash settlement discounts taken by customers $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730
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how to record this transaction, I tried to credit Credit Card Expense 12400, but it was wrong
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