Prepare the T accounts for the month of April, including their ending balance There is no need to prepare the income statement, record closing entries, or prepare the balance sheet Transaction 1 Collects $10,000 cash from customers during April for merchandise sold and delivered in March Transaction 2 Sells to customers, on account, merchandise with a selling price of 39,000 The merchandise cost the firm $22,000, when it purchased the items from its supplier last month The firm has not yet paid the supplier for the merchandise Transaction 3 Pays suppliers $12,000 during April for merchandise received by the firm from its suppliers and sold to customers during March Transaction 4 Receives from suppliers during April merchandise that cost $47,000 and that the firm expects to pay for during May The firm also expects to sell the merchandise in May for $78,000 Transaction 5 Receives $5,000 from customers for merchandise that the firm will deliver in May Toes Corp is a footwear store located in South Padre Island Below is its balance sheet, as of March 31 Assets 60,000 Liabilities plus Shareholders' Equity 60,000 Current Assets 60,000 Liabilities 15,000 Cash 20,000 Accounts Payable 15,000 Accounts Receivable 15,000 Shareholders' Equity 45,000 Inventory 25,000 Contributed Capital 45,000

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Prepare the T accounts for the month of April, including their ending balance  There is no need to prepare the income statement, record closing entries, or prepare the balance sheet  Transaction 1  Collects $10,000 cash from customers during April for merchandise sold and delivered in March  Transaction 2  Sells to customers, on account, merchandise with a selling price of 39,000  The merchandise cost the firm $22,000, when it purchased the items from its supplier last month  The firm has not yet paid the supplier for the merchandise  Transaction 3  Pays suppliers $12,000 during April for merchandise received by the firm from its suppliers and sold to customers during March  Transaction 4  Receives from suppliers during April merchandise that cost $47,000 and that the firm expects to pay for during May  The firm also expects to sell the merchandise in May for $78,000  Transaction 5  Receives $5,000 from customers for merchandise that the firm will deliver in May  Toes Corp  is a footwear store located in South Padre Island  Below is its balance sheet, as of March 31  Assets 60,000 Liabilities plus Shareholders' Equity 60,000 Current Assets 60,000 Liabilities 15,000 Cash 20,000 Accounts Payable 15,000 Accounts Receivable 15,000 Shareholders' Equity 45,000 Inventory 25,000 Contributed Capital 45,000

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Prepare the T-accounts for the month of April, including their ending balance. There is no need to

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Prepare the T-accounts for the month of April, including their ending balance. There is no need to

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Cornerstones of Managerial Accounting

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