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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Record the Note: Any expenses less than $500 should be classified as Miscellaneous. 2/1 Paid rent, $2,000. 2/2 Made loan payments of $300 and $1,000. 2/3 Cash received from debtors (accounts receivable), $12,800. 2/4 Bought inventory worth $3,500 and paid cash. 2/5 Paid for payroll amounted to $1,500. 2/6 Purchased additional equipment for $10,000; paid $2,000 cash and the rest on 2/6 Cash sales recorded at $16,800 and $12,300 on credit sales. 2/8 Bought office supplies, $400. 2/9 Paid creditors, $3,000. 2/10 Mr. Adams decided to invest in the business and he contributed $35,000. 2/11 Joe Withdrew $2,000 from the business. 2/13 Cash sales for the week, $15,900. 2/13 Credit sales for the week, $11,700. 2/15 Purchased additional furniture on account, $3,000. 2/17 Payroll amounted to $1,500 was paid. 2/18 Purchased inventory worth $6,800 on account. 2/18 Paid creditors, $6,000. 2/19 Paid advertising expense, $1,200. 2/20 Sales recorded at $24,000; of which $15,000 were cash and the rest…
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
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Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020, the petty cash amounted to P50,000 and is consisted of the following:Check drawn payable to Shelwyn to replenish the fund P20,000Customer check received for payment of an account 10,000Grab and uber receipts incurred by RTIA staffs 5,000Note pledged by Brill, an employee of RTIA 5,000Currency and coins 5,000Envelope containing contributions for RTIA staff's dinner 5,000As at December 31, 2020, what is the amount to be reported as petty cash in RTIA's statement of financial position?
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