Surf-The-Net.com had the following events occur during October: 1. Paid $5,800 for utilities. 2. Made cash sales
Question:
Surf-The-Net.com had the following events occur during October:
1. Paid $5,800 for utilities.
2. Made cash sales to customers that totaled $89,460. The merchandise had cost Surf-The-Net.com $60,000
3. Paid $28,600 for new equipment.
4. Repaid a $4,900 bank loan.
5. Borrowed $65,000 from local bank.
6. Paid $59,430 to employees for salaries.
7. Paid $11,900 for maintenance and repair.
8. Received $48,600 from investors.
9. Paid $3,750 for supplies that were used.
Required
A. Record transactions 1–9 using the format illustrated in the chapter.
B. What issues must a manager consider before making a financing decision or investing decision?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
Question Posted: