User Account

All Pages

Accounts payable had a balance

Assignment Help Accounting Basics
Reference no: EM13912116

a. Accounts Payable had a balance of $3,000 at the beginning of the month and $3,400 at the end of the month. During the month, purchases on account amounted to $6,100. Calculate the payments to suppliers during the month.

b. Accounts Receivable had a balance of $21,400 at the beginning of the month and $19,800 at the end of the month. Cash collected from customers totaled $76,000 during the month. Calculate credit sales during the month, assuming that all sales were made on account.

Required:
Solve for the missing amounts using a T-account for the balance sheet accounts in each situation. Assume that there is only one debit entry and one credit entry in the account during the month.

Reference no: EM13912116

Questions Cloud

Draw a diagram of a bike wheel perpendicular : Draw a diagram of a bike wheel perpendicular to a banked track, whose normal is at an angle of, say, θ from the vertical. Relate the horizontal component of acceleration to the normal force and the gravitational force; now and an expression for th..
Uncollected accounts estimation : Bay Company began using the allowance method in 2014. On January 1, 2014.Uncollectible accounts are estimated to be 2% of sales on account.
What role of sec regards to protecting individual investors : Consider the Securities Act of 1933 and the Securities Exchange Act of 1934. What is the role of the SEC in regards to protecting individual investors?
Develop a frequency distribution for thirty team values : Develop a frequency distribution and a frequency histogram for the 30 team values. Then describe the distribution of team values.
Accounts payable had a balance : Accounts Payable had a balance of $3,000 at the beginning of the month and $3,400 at the end of the month.
Calculate the transition matrix of graph : Calculate the transition matrix of graph and give the graph that corresponds to "hitting the back button" for this graph.
Cost of goods sold : Lucy Sportswear manufactures a line of specialty T-shirts using a job order costing system.If Job ICU2 resulted in 6,400 good shirts, what was the cost of goods sold per shirt.
The supplies account had a balance : The Supplies account had a balance of $1,200 at the beginning of the month and $1,600 at the end of the month.
Describe the distribution of the given sales values : Develop a frequency distribution and a frequency histogram for the sales values. Describe the distribution of these sales values.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Conducting analytical procedures

Research professional standards (AU 329) determine the requirement related to developing an expectation and conducting analytical procedures when those procedures are intended to provide substantive evidence.

  Travis invests 10000 today into a retirement account he

travis invests 10000 today into a retirement account. he expects to earn 8 percent compounded annually on his money for

  On may 2 1986 hannah acquired residential real estate for

on may 2 1986 hannah acquired residential real estate for 450000. of the cost 100000 was allocated to the land and

  Prepare the following budgets for march 2012a revenues

budgetschedulesforamanufacturer.logospecialtiesmanufacturesamongotherthingswoolen blankets for the athletic teams of

  Which of the following should be deducted from net income

1.which of the following should be deducted from net income in calculating net cash flow from operating activities

  The estimates of useful life and residual value

What is depreciation on the building for 2013?

  Do you think the fasb made the correct decision in

do you think the fasb made the correct decision in requiring consolidated financial statements to recognize all

  Are there companys with executive pay excessive pay yes or

are there companys with executive pay excessive pay yes or no.discuss at least three possible alternatives to executive

  Initial phase in activity-based budgeting

This budgeting exercise is similar to the initial phase in activity-based budgeting. Include a list of any assumptions you use in completing the budget.

  Dec 13 accepted a 16000 45 day 8 note december 13 in

dec 13 accepted a 16000 45 day 8 note december 13 in granting miranda lee a time extension on her past dut account

  Method for estimating market value of shareholders equity

Perhaps the best method for estimating the market value of shareholders' equity is to:

  Referring to the notes to the financial statements what

the majority of long-term assets consist of property plant and equipment and intangibles. these assets are capitalized

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd