How will FFU record the credit card payment on April 30?

a)	decrease both Cash and Accounts Payable, $3,150

b)	decrease both Cash and Accounts Payable, $4,725

c)	decrease both Cash and Accounts Payable, $3,194

d)	decrease both Cash and Accounts Payable, $4,769

e)	decrease both Cash and Accounts Payable, $1,575

What are FFU's total liabilities at the end of April?

What is FFU's total service revenue for April?

How much will FFU's Prepaid Insurance balance be at the December 31 year-end?

April 1 Tu sei up a walin account and acquire a business vieuil lalu. The bank will charge you a fee of $12 at the end of each month. April 2 You borrow $1,600 from the bank. April 3 You deposit $5,000 of your own money into the business bank account. April 4 Your parents lend you an additional $5,000. They will not charge you interest, but want to be paid back within three years. You register your business name for $60 with Service Ontario, using the business credit card. April 5 April 6 You purchase, using your business credit card, supplies (i.e. varnish, shellac) for $500 plus HST. April 7 You purchase, using your business credit card, $4,100 worth of power tools from Home Depot. HST is already included. You buy a two-year liability insurance policy for $2,400, plus 8% tax, April 8 paying cash. April 10 You purchase for $300 cash, plus HST, 600 flyers to advertise your business. You haven't used any yet. April 11 You pay a student $80 cash to distribute 400 of your flyers. April 12 You fixed one chair for a customer for free, to see if he liked it and would hire you for the rest of the set. You would normally have charged him $100. Two more customers hire you to restore their dining room sets. You will charge April 15 them each $3,000 when you finish the job. They EACH give you a $1,000 cash deposit. April 27 Business is booming! You have so far collected $2,200 cash for services to happy homeowners. April 28 You now have only $250 worth of supplies left. You spent $156 from your personal funds in car expenses this month. April 29 Two-thirds of this was business travel. The business pays from the bank account. You received your cell phone bill for the month. Of the $88, half were business calls. The business will reimburse you next month. April 30 April 30 One month of your insurance policy has expired. April 30 The bank takes its monthly charge from the business bank account, plus an additional $6 for interest on your loan. You deliver the furniture to one of the April 15 customers. April 30 He will pay you his balance next week. IGNORE the effect on inventory! April 30 You pay two-thirds of the balance owing on the business credit card. You will pay the rest next month