Exercise $4-22($Static$)$ Transaction analysis using T$-$accounts LO $4-6,4-7$

For each of the following situation, solve for a missing amount. In each case, there is only one debit entry and one credit entry in the account during the month.

Requirement $1$:

a$.$ Accounts Receivable had a balance of $$25,200$ at the beginning of the month and $$10,600$ at the end of the month. Credit sales totaled $$90,000$ during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account.

b$.$ The Supplies account had a balance of $$40,000$ at the beginning of the month and $$49,600$ at the end of the month. The cost of supplies used during the month was $$157,200.$ Calculate the cost of supplies purchased during the month.

c$.$ Wages Payable had a balance of $$7,600$ at the beginning of the month. During the month, $$30,200$ of wages were paid to employees. Wages Expense accrued during the month totaled $$39,000.$ Calculate the balance of Wages Payable at the end of the month.

Requirement $2$:

Prepare the journal entries for the above transactions.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

a$.$ Accounts Receivable had a balance of $$25,200$ at the beginning of the month and $$10,600$ at the end of the month. Credit sales totaled $$90,000$ during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account.

b$.$ The Supplies account had a balance of $$40,000$ at the beginning of the month and $$49,600$ at the end of the month. The cost of supplies used during the month was $$157,200.$ Calculate the cost of supplies purchased during the month.

c$.$ Wages Payable had a balance of $$7,600$ at the beginning of the month. During the month, $$30,200$ of wages were paid to employees. Wages Expense accrued during the month totaled $$39,000.$ Calculate the balance of Wages Payable at the end of the month.

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$\backslash$table$[[$a$.$ Cash collected from customers,$],[$b$.$ Cost of supplies purchased,$]]$

c$.$ Wages payable

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Required $1$

Required $2$

Prepare the journal entries for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account

Journal entry worksheet

$1$

$2$

$3$

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$5$

$6$

Record the credit sales.

Note: Enter debits before credits.

$\backslash$table$[[$S$.$No$/$Date$,$Account Title,Debit,Credit$],[$a$1.,,,],[,,,],[,,,],[,,,],[,,,]]$