Question
Question 2 (20 marks) Glaser Strauss Ltd is a retailing business selling office supplies. It uses accrual basis accounting to prepare its financial statement.
Question 2 (20 marks) Glaser Strauss Ltd is a retailing business selling office supplies. It uses accrual basis accounting to prepare its financial statement. The following information can be found from the general ledger accounts of it. Glaser Strauss Ltd 30-Jun 2021 2020 $23,200 $27,800 Account receivable Inventory Prepaid rent Account payables Salaries payables Sales revenue Cost of Goods sold $5,220 $4,830 $1,250 $1,750 $25,100 $28,300 $2,800 $3,000 4 $33,750 $17,500 Expenses (including 23000 depreciation) $125,000 Question 3 Required (a) Using T-account to calculate the amount of cash collected from customers during 2021. (b) Using T-account Calculate the amount of cash paid to suppliers and employees R
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