Consider the following transactions. 1. Receive cash from customers, $15,000. 2. Pay cash for employee salaries, $9,000.

Question:

Consider the following transactions.

1. Receive cash from customers, $15,000.

2. Pay cash for employee salaries, $9,000.

3. Pay cash for rent, $3,000.

4. Receive cash from sale of equipment, $8,000.

5. Pay cash for utilities, $1,000.

6. Receive cash from a bank loan, $4,000.

7. Pay cash for advertising, $7,000.

8. Purchase supplies on account, $3,000.

Required:

Post transactions to the Cash T-account and calculate the ending balance. The beginning balance in the Cash T-account is $5,000.

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jul 15, 2014 03:27 AM

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Consider the following transactions. 1. Receive cash from customers, $15,000. 2. Pay cash for employee salaries, $9,000.

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Transaction 8 is not posted to t...View the full answer

Financial Accounting

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