Question: The following transactions took place at Quick Perfection Laundry and

The following transactions took place at Quick Perfection Laundry and Cleaners.

INSTRUCTIONS
Analyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Record the effects of the transaction in the T accounts. Use plus and minus signs before the amounts to show the increases and decreases.
TRANSACTIONS
1. Paid $7,500 for the current month’s rent.
2. Performed services for $9,000 in cash.
3. Paid salaries of $6,800.
4. Performed additional services for $12,200 on credit.
5. Paid $1,580 for the monthly telephone bill.
6. Collected $8,000 from accounts receivable.
7. Received a $380 refund for an overcharge on the telephone bill.
8. Performed services for $8,560 on credit.
9. Paid $950 in cash for the monthly electric bill.
10. Paid $1,590 in cash for gasoline purchased for the firm’s van during the month.
11. Received $6,250 from charge account customers.
12. Performed services for $9,400 in cash.
Analyze: What total cash was collected for Accounts Receivable during the month?



$1.99
Sales0
Views86
Comments
  • CreatedAugust 08, 2014
  • Files Included
Post your question
5000