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The following narratives describe transactions impacting cash, accounts receivable, accounts payable, revenues, and selected expense accounts. Use T-accounts to analyze this activity and determine the
The following narratives describe transactions impacting cash, accounts receivable, accounts payable, revenues, and selected expense accounts. Use T-accounts to analyze this activity and determine the ending balances for cash, accounts receivable and accounts payable. At the beginning of the period, accounts receivable totaled $54,300, while accounts payable totaled $31,275. The company started the period with $85,000 in cash. | ||
Transaction #1 | Services were provided to customers for cash in the amount of $15,230. | |
Transaction #2 | Supplies were purchased and used. This purchase occurred on account, in the amount of $2,400. | |
Transaction #3 | Collections of outstanding receivables occurred in the amount of $19,410. | |
Transaction #4 | Utilities costs in the amount of $763 were incurred and paid in cash. | |
Transaction #5 | Payments on outstanding accounts payable were made for $23,900. | |
Transaction #6 | Services were provided to customers on account in the amount of $48,654. |
1.Cash Balance is
2.Accounts Receivable Balance is
3.Accounts Payable Balance is
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