Question 3 Part 1 Mushrooms Ltd. was organized on June 1, 2023. The company received a...

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Question 3 Part 1 Mushrooms Ltd. was organized on June 1, 2023. The company received a contribution of $3,000 from each of the two principal owners. During the month, Mushrooms Ltd. had cash sales of $1,900, had sales on account of $750, received $450 from customers in payment of their accounts, purchased supplies on account for $950 and equipment on account for $1,550, received a utility bill for $250 which will not be paid until July, and paid the full amount due on the equipment. Required: Determine the company's Cash balance on June 30, 2023, using T-account analysis. Part 2 During the month, services performed for customers on account amounted to $8,500, and collections from customers in payment of their accounts totalled $7,250. At the end of the month, the Accounts Receivable account had a balance of $2,250. Required: Determine the Accounts Receivable balance at the beginning of the month, using T-account analysis Question 3 Part 1 Mushrooms Ltd. was organized on June 1, 2023. The company received a contribution of $3,000 from each of the two principal owners. During the month, Mushrooms Ltd. had cash sales of $1,900, had sales on account of $750, received $450 from customers in payment of their accounts, purchased supplies on account for $950 and equipment on account for $1,550, received a utility bill for $250 which will not be paid until July, and paid the full amount due on the equipment. Required: Determine the company's Cash balance on June 30, 2023, using T-account analysis. Part 2 During the month, services performed for customers on account amounted to $8,500, and collections from customers in payment of their accounts totalled $7,250. At the end of the month, the Accounts Receivable account had a balance of $2,250. Required: Determine the Accounts Receivable balance at the beginning of the month, using T-account analysis

Answer rating: 100% (QA)

Part 1 Cash balance on June 30 2023 Transaction Debit Increase Credit Decrease ... View the full answer