Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

View Policies Current Attempt in Progress On August 1, 2022, the following were the account balances of Ayayai Repair Services. During August, the following summary

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
View Policies Current Attempt in Progress On August 1, 2022, the following were the account balances of Ayayai Repair Services. During August, the following summary transactions were completed. Aug. Paid $480 cash for advertising in local newspapers. Advertising flyers will be included with newspapers de 1 during August and September. 3 Paid August rent $460. During August, the following summary transactions were completed. Aug. Paid $480 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered 1 during August and September. 3 Paid August rent $460 5 Received $1,440 cash from customers in payment of account. 10 Paid $3,740 for salaries due employees, of which $2,040 is for August and $1,700 is for July salaries payable. 12. Received $3,360 cash for services performed in August. 15 Purchased store equipment on account $2,400. 20 Paid creditors $2,400 of accounts payable due. 22 Purchased supplies on account $960. 25 Paid $3,480 cash for employees' salaries. 27 Billed customers $4,510 for services performed. 29 Received $940 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $1,150. 27 Billed customers $4,510 for services performed. 29 Received $940 from customers for services to be performed in the future. Adjustment data: 1. A count shows supplies on hand of $1.150. 2. Accrued but unpaid employees' salaries are $1.850. 3. Depreciation on equipment for the month is $380. 4. Services were performed to satisfy $960 of unearned service revenue. 5. One month's worth of advertising services has been received. 6. One month of interest revenue related to the $4,800 note receivable has accrued. The 4 - month note has a 6% annual interest rate. Ayayai's chart of accounts includes Prepaid Advartising. Interest Receivable, Service Revenue, interest Revenue. Advertisins Expenses Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense: (a) Enter the August 1 balances in the ledger acceunts. Enter the August 1 balances in the ledger accounts. Marks) Accounts Payable

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

Step: 3

blur-text-image

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

How To Audit ISO 9001 2015 A Handbook For Auditors

Authors: Chad Kymal

1st Edition

087389927X, 978-0873899277

More Books

Students also viewed these Accounting questions