Giuseppe Landscaping Ltd's selected account balances are presented below. Additional information regarding transactions that occurred in June:
Question:
Additional information regarding transactions that occurred in June:
1. Collection from accounts receivable was $7,500.
2. Additional landscaping supplies purchased were $1,000.
3. Cash paid in advance from customers was $1,800.
4. Salary paid to employee that was owing from the previous month was $4,000.
Requirements
1. Record the transactions that occurred during June.
2. Record the adjusting entries on June 30.
3. What amount should be reported for revenue and expense accounts on the income statement for the month ended June 30?
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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