TRANSACTIONS 1 Paid $4,800 for the current month's RENT 2 Performed Services for $15,000 in cash 3 Paid Salaries of $6,900 to employees 4 Performed additional servcices for $12,500 on CREDIT 5 Paid $1,580 for the monthly Telphone Bill 6 Collected $6,500 from accounts receivable 7 Received a $297 CASH refund for an overcharge on the Telephone Bill 8 Performed services for $8,560 on credit 9 Paid $875 in cash for presentation folder, paper clips and a pen 10 Purchased 10 cases of paper and other supplies at Office Max for $1,260 on Credi 11 Paid Insurance for the year in the amount of $1,700 cash A Month end inventory of supplies was $800 EB Consumed 1 month of Insurance OBJECTIVE: RECORD TRANSACTIONS ACROSS ALL TOOLS AND JOURNALS THEN PREPARE FINANCIAL STATEMENTS.

TRANSACTIONS 1 Paid $4,800 for the current month's RENT 2 Performed Services for $15,000 in cash 3 Paid Salaries of $6,900 to employees 4 Performed additional servcices for $12,500 on CREDIT 5 Paid $1,580 for the monthly Telphone Bill 6 Collected $6,500 from accounts receivable 7 Received a $297 CASH refund for an overcharge on the Telephone Bill 8 Performed services for $8,560 on credit 9 Paid $875 in cash for presentation folder, paper clips and a pen 10 Purchased 10 cases of paper and other supplies at Office Max for $1,260 on Credi 11 Paid Insurance for the year in the amount of $1,700 cash A Month end inventory of supplies was $800 EB Consumed 1 month of Insurance OBJECTIVE: RECORD TRANSACTIONS ACROSS ALL TOOLS AND JOURNALS THEN PREPARE FINANCIAL STATEMENTS.

Name: TRANSACTIONS1 Paid $4,800 for the current month's RENT2 Performed Ser
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Description: TRANSACTIONS1 Paid $4,800 for the current month's RENT2 Performed Services for $15,000 in cash3 Paid Salaries of $6,900 to employees4 Performed additional servcices for $12,500 on CREDIT5 Paid $1,580 for the monthly Telphone Bill6 Collected $6,500 f

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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Archer allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.
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