Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of MaY

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of MaY TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of MAY TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31 During June the following transactions occurred: 1) Completed a job for which the customer paid $200 in June. The involce is for $1.000. 2) Hire a helper and paid $200 for works done. 3) Paid $500 for the rent of July. 4) Purchased supplies for $300. At the end of June notices that there are $200 of supplies left: 5i Orders new flivers for advertisina. Thev will be readv in Julv but the orinter asked to be paid in advante $100 During June the following transactions occurred: 1) Completed a job for which the customer paid $200 in June. The invoice is for $1,000. 2) Hire a helper and paid $200 for works done. 3) Paid $500 for the rent of July. 4) Purchased supplies for $300. At the end of June notices that there are $200 of supplies left. 5) Orders new flyers for advertising. They will be ready in July but the printer asked to be paid in advance $100. 6) In June collected in cash $3,000 for 3 jobs done for a total of $4,200, the rest is owed in account by the customers. 7) In June decided to start depreciating the equipment bought for $360 that is expected to last for 3 years. Prepare "T" Accounts in CASH Basis for the period ended on June 30th and then answer the questions (proof of cash). At the end of the accounting period (June 30th ), what is the total of Revenues? Mutuple Choice More than $3,000 Between $1,000 and $1,499 Between $1,500 and $1,999 Less then $1,000 Between $2,000 and $3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

6th edition

978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343

More Books

Students also viewed these Accounting questions

Question

10.5 Some Comments on Hypothesis Testing

Answered: 1 week ago