Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During June the following transactions occurred: 1) Paid the helper the $200 owed from works done in May (the amount owed is in Accounts Payable).

During June the following transactions occurred: 1) Paid the helper the $200 owed from works done in May (the amount owed is in Accounts Payable). 2) Completed the job for which the customer paid $200 in May. Tops in Topiary collected $1,000 in cash once finished. 3) Paid $500 for the rent of July. 4) At the end of June notices that there are no supplies left. Makes a note to buy some in July. 5) At the end of June notices that there are few flyers left (used for advertising) worth $100 and decides to order some for July. Before ordering printer (supplier of flyers) asks to be paid $500 of the amount owed for the flyers done in May. Tops in Topiary pays $500. 6) In June collected in cash $3,000 for 3 jobs are done for a total of $4,200, the rest is owed in account by the customers. 7) In June decided to start depreciating the equipment bought for $360 that is expected to last for 3 years. 8) In June 23rd Edward Scissorhands withdrew some cash for personal reasons ($3,000). Prepare "T" Accounts in ACCRUAL Basis for the period ended on June 30th and then answer the question. At the end of the accounting period (June 30th, T account after AJE), what is the total of Non Current Liabilities

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

Audit Effectiveness Meeting The IT Challenge

Authors: Kamil Omoteso

1st Edition

1409434680, 978-1409434689

More Books

Students also viewed these Accounting questions