Industries collected $105,000 from customers in 2020. Of the amount collected $24.900 was for services performed in 2019. In addition, Sunland performed services worth $39,500 in 2020, which will not be collected until 2021. Sunland Industries also paid $73,900 for expenses in 2020. Of the amount paid, $30,700 was for expenses incurred on account in 2019. In addition, Sunland incurred $40,100 of expenses in 2020, which will not be paid until 2021. 1 2 All the accounts have normal balances. The information below has been gathered at December 31, 2020 Cullumber Company borrowed $10,800 by signing a 9% one-year note on September 1, 2020 A count of supplies on December 31, 2020, indicates that supplies of $980 are on hand. 3. Depreciation on the equipment for 2020 is $1,600. Cullumber Company paid $3,240 for 12 months of insurance coverage on June 1, 2020 5. On December 1, 2020, Cullumber collected $28.000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. Cullumber performed consulting services for a client in December 2020. The client will be billed $3,600 7. Cullumber Company pays its employees total salaries of $5,400 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020 4. 6. Industries collected $105,000 from customers in 2020. Of the amount collected $24.900 was for services performed in 2019. In addition, Sunland performed services worth $39,500 in 2020, which will not be collected until 2021. Sunland Industries also paid $73,900 for expenses in 2020. Of the amount paid, $30,700 was for expenses incurred on account in 2019. In addition, Sunland incurred $40,100 of expenses in 2020, which will not be paid until 2021. 1 2 All the accounts have normal balances. The information below has been gathered at December 31, 2020 Cullumber Company borrowed $10,800 by signing a 9% one-year note on September 1, 2020 A count of supplies on December 31, 2020, indicates that supplies of $980 are on hand. 3. Depreciation on the equipment for 2020 is $1,600. Cullumber Company paid $3,240 for 12 months of insurance coverage on June 1, 2020 5. On December 1, 2020, Cullumber collected $28.000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. Cullumber performed consulting services for a client in December 2020. The client will be billed $3,600 7. Cullumber Company pays its employees total salaries of $5,400 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020 4. 6
