Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual
Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry November 1, 2019, are as follows: Cash, $14,910; Accounts Recelvable, $30,530; Supplies, $2,840; Land, $35,500; Accounts payable, $12,780. Business transactions during November are summarized as follows a. Beverly Zahn invested additional cash in the business with a deposit of $29,000 in the business bank account. b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $14,600. c. Paid rent for the month, $17,750 d. Charged customers for dry cleaning revenue on account, $5,330 e. Paid creditors on account, $2,490. supplies on account, $13,140. cash from cash customers for dry cleaning revenue, $28,400. h. Received cash from customers on account, $35,500. . Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $14,200. J. Paid the following: wages expense, $7,810; truck expense, $2,840; utilities expense, $3,020; miscellaneous expense, $1,350. k. Determined that the cost of supplies on hand was $1,950; therefore, the cost of supplies used during the month was $3 l. Withdrew $8,200 cash for personal use
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started