The Piedmont Company had the following transactions during June 20X1:
a. Collections of accounts receivable, $75,000.
b. Payment of accounts payable, $45,000.
c. Acquisition of inventory, $18,000, on open account.
d. Sale of merchandise, $30,000 on open account and $23,000 for cash. The sold merchandise cost Piedmont Company $28,000.
e. Depreciation on equipment of $1,000 in June.
f. Declared and paid cash dividends of $15,000.
Use the balance sheet equation format to enter these transactions into the books of Piedmont Company. Suppose that Piedmont has a cash balance of $15,000 at the beginning of June. What was the cash balance on June 30?

  • CreatedFebruary 20, 2015
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