Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 1, Pharoah Company has the following accounts and account balances: Cash $14,600, Accounts Receivable $1,680, Supplies $1,600, Accounts Payable $840, Unearned Revenue $1,340,

On September 1, Pharoah Company has the following accounts and account balances: Cash $14,600, Accounts Receivable $1,680, Supplies $1,600, Accounts Payable $840, Unearned Revenue $1,340, Owner's Capital $13,440, Service Revenue $3,440, and Salaries Expense $1,180 During the month of September, the bookkeeper for Pharoah Company prepared the following journal entries:

1. Cash 1,010
Service Revenue 1,010
(To record cash received from services performed.)
2. Salaries Expense 590
Cash 590
(Paid salaries to date.)
3. Accounts Payable 170
Cash 170
(Paid creditors on account.)
4. Cash 840
Accounts Receivable 840
(Received cash in payment of account.)
5. Unearned Revenue 1,010
Service Revenue 1,010
(Provided services.)
6. Supplies 840
Accounts Payable 840
(To record supplies purchased on account.)

Post the September transactions and determine the ending balance in each account

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

Step: 3

blur-text-image

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

Cost Accounting Foundations and Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

8th Edition

9781439044612, 1439044619, 978-1111626822

More Books

Students also viewed these Accounting questions