Question
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
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