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Question 1 The information below was taken from the ledger accounts of Happy Bay Ltd. HAPPY BAY LTD 2023 2022 Accounts receivable Allowance for doubtful

Question 1 The information below was taken from the ledger accounts of Happy Bay Ltd.

HAPPY BAY LTD

2023

2022

Accounts receivable

Allowance for doubtful debts

Inventory

Prepaid rent

Accounts payable

Salary payable

Sales (on credit)

Cost of goods sold

Doubtful debts expense

Rent expense

Salary expense

Other expenses (including $6 300 depreciation )

$82 700

7 500

60 300

3 500

37 500

3 600

253 500

128 000

6 500

4 900

39 000

20 500

$76 000

3 900

40 500

4 500

41 800

4 300

Required: (1) Calculate the amount of cash collected from customers during 2023 by T-account. (2) Calculate the amount of cash paid to suppliers for purchases during 2023 by T-account. (3) Calculate the amount of cash paid to employees during 2023 by T-account. (4) Calculate the amount of cash paid for rent during 2023 by T-account.

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