The following transactions took place at Brown-Huddleston Laundry and Cleaners. INSTRUCTIONS Analyze each of the transactions. For

Question:

The following transactions took place at Brown-Huddleston Laundry and Cleaners.
INSTRUCTIONS
Analyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Record the effects of the transaction in the T accounts. Use plus and minus signs before the amounts to show the increases and decreases.
TRANSACTIONS
1. Paid $3,750 for the current month's rent.
2. Performed services for $4,500 in cash.
3. Paid salaries of $3,400.
4. Performed additional services for $6,100 on credit.
5. Paid $790 for the monthly telephone bill.
6. Collected $4,000 from Received a $190 refund for an overcharge on the telephone bill.
8. Performed services for $4,280 on credit.
9. Paid $475 in cash for the monthly electric bill.
10. Paid $795 in cash for gasoline purchased for the firm's van during the month.
11. Received $3,125 from charge account customers.
12. Performed services for $4,700 in cash.
Analyze: What total cash was collected for during the month?
Accounts Receivable
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...