Question
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started