Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Accounts Payable.... $12,000 Equipment... $18,000 Accounts Receivable $14,000 Land $52,000 Building. $42,000 Salaries Payable $30,000 Cash $8,000 Capital Stock $92,000 On June 3, Creative Band,

image text in transcribed

Accounts Payable.... $12,000 Equipment... $18,000 Accounts Receivable $14,000 Land $52,000 Building. $42,000 Salaries Payable $30,000 Cash $8,000 Capital Stock $92,000 On June 3, Creative Band, Inc. collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, 2,000 of additional shares of capital stock are issued for $5,600. On June 4, the balance in the Accounts Receivable account is: O $17,600 $10,000 O Some other amount O $ 5,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions