Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

make a income statement and balance sheet for this one. URGEN,pls. Question 2 You have been presented with the following information for a business for

make a income statement and balance sheet for this one. URGEN,pls.
image text in transcribed
Question 2 You have been presented with the following information for a business for the month ending 30th April 2022. (All of the information is for 2022). 1. The business provided services to customers in April and the customers paid cash as soon as the services were provided. The total amount of cash received from the customers was $7,200. Services income 7,200 cash 7200 2. The business also provided services to customers totalling $6,200 in March. The business received all of the cash from the customers in April. 3. The business received $2,100 cash from customers in advance in the month of April for services to be performed by the business in June. Cash 2100 4. The business provided services to customers on credit in April totalling $6,300. The customers will pay the cash to the business in May. INCOME Sales income 6300 Account receivable 6300 5. The business provided services to customers in May totalling $3,400. The customers paid the cash to the business as soon as the services were provided to the customers. 6. The business paid $1,000 cash for 2 months insurance in April. The insurance was for the period 1/4/22 until 31/5/22. InsuranceExpense500PrepaidinsuranceCash.5001000 7. The business used cash to pay the wages for the business for the month of April totalling $7,500. Wages expense 7500 Cash. 7500 8. The electricity expense for the business for the month of April was $600. The $600 was paid using cash by the business in the month of April. Electricity expense 600 Cash. 600 9. The business paid cash in April for wages for staff who worked for the business in March - the amount was $4,300. 10. The business paid $1,200 for 4 months' rent on the 1 st of April. The rent was for the period 1st April 31st July. Rent expense 300 Prepaid rent 300 Required

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

Commercial Energy Auditing Reference Handbook

Authors: Steve Doty

2nd Edition

1439851972, 978-1439851975

More Books

Students also viewed these Accounting questions

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago