Record the transactions using T-accounts

Assignment Help Financial Accounting

Reference no: EM132819907

Question - Mike Szabo Company engaged in the following transactions during the month of December:

December 2 Made credit sales of $4,000 (accepted accounts receivable).

December 6 Made cash sales of $2,500.

December 10 Paid office salaries of $500.

December 14 Sold land that originally cost $2,200 for $3,000 cash.

December 17 Paid $6,000 for equipment.

December 21 Billed clients $900 for services (accepted accounts receivable).

December 24 Collected $1,200 on an account receivable.

December 28 Paid an account payable of $700.

Required - Record the transactions, using T-accounts.

Reference no: EM132819907

Questions Cloud

Implementation of quality : Discussed the want-to of building TQM into organizations, and training has been brought to the front as one of the musts for implementation of quality.

Compute basic earnings per share for ayayai corporation : Compute basic earnings per share. Ayayai Corporation earned $371,000 during a period when it had an average of 100,000 shares of common stock

Assess the suitability of the current diversity policy : Assess the suitability of the current diversity policy and procedures - Provide an overview key legislation related to diversity. Ensure you identify

Analysis of the notion of risk : The analysis of the notion of risk so that all competing projects that have relatively lower or higher risks can be evaluated on a level playing field?

Record the transactions using T-accounts : Mike Szabo Company engaged in the following transactions during the month of December: Record the transactions using T-accounts

What is a junk bond : What is a junk bond? Discuss the concept of duration, its overall effect on risk

Discuss the rights of the parties : Discuss the rights of the parties (Sarah, Michael, Paul and Caleb). Identify and explain the legal principles and rules applicable. Indicate in your answer

Calculate the invoice price of the bond : Using the 360-day accrual basis, calculate the invoice price of the bond. Please use T+3 to calculate the settlement day.

Explain the tax consequences of recommendations : ASIC has indicated that financial advisers need to consider and explain the tax consequences of their recommendations in general terms.

User Account

All Pages