A business has these opening balances: Cash $15,000 Unearned revenue $5,000 Share capital...
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A business has these opening balances: • Cash $15,000 • Unearned revenue $5,000 • Share capital $10,000 The business then recorded the following transactions: 1. Sold $28,751 in products to customers for cash. The cost of these products were $23.000. 2. Collected cash from a customer in advance, $22,706. 3. Sent $4,484 in products to customers, the cash was already collected in advance. The cost of these products were $2,000. After these transactions have been recorded, what is the closing balance for cash? A business has these opening balances: • Cash $15,000 • Unearned revenue $5,000 • Share capital $10,000 The business then recorded the following transactions: 1. Sold $28,751 in products to customers for cash. The cost of these products were $23.000. 2. Collected cash from a customer in advance, $22,706. 3. Sent $4,484 in products to customers, the cash was already collected in advance. The cost of these products were $2,000. After these transactions have been recorded, what is the closing balance for cash?
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To calculate the closing balance for cash you need to take into account the opening balance and the ... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
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