a) 1 January, collected $10,000 cash from accounts receivable b) January, prepaid rent $24,000 for the next
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a) 1 January, collected $10,000 cash from accounts receivable
b) January, prepaid rent $24,000 for the next 4 months.
c) 1 January, paid $8,000 of accounts payable, which related to inventory purchased in 2022.
d) 2 January, the business took out additional $60,000 bank loan, which will be repaid on 31 December 2025. On the same day, the business purchased a piece of land for $100,000 cash.
e) 5 January, sold one piece of office equipment for $4,000 cash. The disposed equipment has a cost of $6,000 and accumulated depreciation of $500.
f) 7 January, purchased $50,000 of inventory on credit, which is payable in February 2023.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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