Answer the following questions: 1. If office supplies on hand amounted to $2,750 at the beginning of
Question:
Answer the following questions:
1. If office supplies on hand amounted to $2,750 at the beginning of the period and total purchases of office supplies during the period amounted to $14,200, determine the ending balance of office supplies on hand if office supplies expense for the period amounted to $13,225.
2. If beginning and ending accounts receivable were $76,000 and $82,000, respectively, and total sales made on account for the period amounted to $174,000, determine the amount of cash collections from customers on account for the period.
3. Assume all rent revenues are received in advance and accounted for as unearned rent, and beginning and ending balances of unearned rent are $8,000 and $9,500, respectively. If total rent revenue for the period amounts to $23,000, determine the amount of rent collections in advance for the period.
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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1 Amount of office supplies on hand 3725 as follows SUPPLIES O...View the full answer
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
