Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Inc's general ledger at April 30, 2021. included the following: Cash $4,400; Supplies $ 500 Equipment $ 25,000; Accounts Payable $ 2,100; Deferred

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Carla Vista Inc's general ledger at April 30, 2021. included the following: Cash $4,400; Supplies $ 500 Equipment $ 25,000; Accounts Payable $ 2,100; Deferred Revenue (from gift certificates) $ 1.200; Bank Loan Payable $ 10,000, Common Shares $5,000; and Retained Earnings $ 11,600. The following transactions occurred during May: 4 15 15 May 1 Paid rent for the month of May. $ 1.200. Paid $1,500 of the account payable outstanding at April 30. 7 Issued gift certificates for future services for $ 1.900 cash. Received $ 2,800 from customers for services performed to date. Paid $ 1.200 in salaries to employees. Customers receiving services worth $ 700 used gift certificates in payment. Paid the remaining accounts payable from April 30. Purchased supplies of $ 700 on account. Received a bill for advertising for $ 500. This billis due on June 22. 25 Received and paid a utilities bill for $ 400. Received $ 2.100 from customers for services performed. 17 18 22 24 28 20 Chimica Meanisatitiratadinnaimani 18 Paid the remaining accounts payable from April 30. 22 24 Purchased supplies of $ 700 on account Received a bill for advertising for $ 500. This billis due on June 22. Received and paida utilities bill for $ 400. 25 28 29 Received $2,100 from customers for services performed. Customers receiving services worth $ 600 used gift certificates in payment. Interest of $ 50 was paid on the bank loan. Paid $ 1,200 in salaries to employees. 30 31 31 Paid income tax instalment for the month, $150. Date Account Titles and Explanation Debit Credit (To record cash received from customers) (To record cash received from customers) (To record payment of salaries) > 1 1. (To record payment of salaries) (To record payment of income tax) (b) The parts of this question must be completed in order. This part will be available when you complete the part above, (c) The parts of this question must be completed in order. This part will be available when you complete the part above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

11th Canadian Edition

0135359708, 9780135359709

More Books

Students also viewed these Accounting questions