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please create T-accounts to slove this problem The following example pertains to Bluefielod Company for 2005 Cash received from customers during 2005S140,000 Cash received from
please create T-accounts to slove this problem
The following example pertains to Bluefielod Company for 2005 Cash received from customers during 2005S140,000 Cash received from tenants during 2005 56,000 Cash paid for salaries during 2005 43,000 Cash paid for income taxes during 2005 23,000 Cash paid to suppliers during 2005 78,000 Jan. 1Dec. 31 Accounts receivableS5,000$9,000 Accounts payable11,000 7,000 Income tax payable 7,000 3,000 Inventory 14,00020,000 Prepaid salaries 4,000 2,000 Unearned rent revenue 1,000 6,000 Instructions Compute the amount of each of the following items for 2005 on the accrual basis 1. Sales 2. Rent revenue 3. Salaries expense 4, Income tax expense 5. Cost of goods sold Step by Step Solution
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