Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Krespy Corp. has a cash balance of $7,500 before the followin a transactions occur: A. received customer payments of $965 B. supplies purchased on account

image text in transcribed
Krespy Corp. has a cash balance of $7,500 before the followin a transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted? Cash=$6,027($7,500+$965$213+$275$2,500=$5,903)Cash=$5,477($7,500+$965$213$275$2,500=$5,903)Cash=$6,453($7,500+$965+$213+$275$2,500=$5,903)Cash=$5,903($7,500+$965+$213$275$2,500=$5,903)

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

Introduction To Management Accounting Chapters 1 To 17

Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Dave Burgstahler, Jeff Schatzberg

15th Edition

0136102654, 978-0136102656

More Books

Students also viewed these Accounting questions

Question

4.1 Explain multiple uses of job analysis in HR decisions.

Answered: 1 week ago