Accounting Cycle - Collection of A/R Directions: 1) Prepare journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem #30 May 2, Truly Delicious Catering, Inc. performed a catering job and billed the customer for $240,000 for the amount due on the job. Today is June 3, and Truly Delicious. received the total amount due from the customer (Record JE for June 3 only). Date Accounts Debit Credit Accounting Cycle - Payment on Liabilities Directions: 1) Prepare journal entries for the below transactions 2) Post the journal entries to ledger accounts 3) Calculate the ending ledger balance Problem #28 Sept 18, Blue Company purchased $5,000 of supplies on credit. Today is Oct 10th and Blue Company uses cash to pay the $5,000 due on the supplies (Record JE for Oct 10th only). Date Accounts Debit Problem # 31 April 13, Taxes, Inc. completed a tax return for a customer, and billed the customer $1,200 for the completed tax return. Today is May 10, and Taxes, Inc. received the total amount due from the customer. Prepare the JE for May 10th only. Debit Date Accounts Credit Credit Cash 25,000 Accounts Payable 5,000 Problem #29. Oct 12, Research, Inc. purchased $100,000 of office supplies on credit. Today is Nov 10th, and the company pays the amount due on the office supplies. Record JE for Nov 10th only. Date Accounts Debit Credit Cash 689,000