Last Updated 20 Apr 2022

General: Accounts Receivable and Cash

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Use the information in each of the following separate cases to calculate the unknown amount:

  1. During October, Shandra Company had $97,500 of cash receipts and $101,250 of cash disbursements. The October 31 Cash balance was $16,800. Determine how much cash the company had at the close of business on September 30.
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  3. On September 30, Li Ming Co. had a $97,500 balance in Accounts Receivable. During October, the company collected $88,950 from its credit customers. The October 31 balance in Accounts Receivable was $100,500. Determine the number of sales on account that occurred in October.
  4. Nasser Co. had $147,000 of accounts payable on September 30 and $136,500 on October 31. Total purchases on account during October were $270,000. Determine how much cash was paid on accounts payable during October. 2-4 Prepare general journal entries for the following transactions of a new business called Pose for Pics. Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in the business. 1 Paid $3,000 cash for an insurance policy covering the next 24 months. Purchased office supplies for $1,400 cash.

20 Received $2,650 cash in photography fees earned. 31 Paid $875 cash for August utilities. 2-2A Required

  1. Prepare general journal entries to record these transactions (use account titles listed in part 2).
  2. Open the following ledger accounts—their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); R. Ricci, Capital (301); R. Ricci, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Post journal entries from part 1 to the ledger accounts and enter the balance after each posting.
  3. Prepare a trial balance as of the end of this month’s operations. Shelton Engineering completed the following transactions in the month of June.
    1. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business.
    2. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note payable for $48,600.
    3. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.
    4. Paid $6,000 cash for the premium on an 18-month insurance policy.
    5. Completed and delivered a set of plans for a client and collected $5,700 cash.
    6. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $12,000.
    7. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.
    8. Purchased $2,250 of additional office equipment on credit.
    9. Completed engineering services for $18,000 on credit.
    10. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent must be paid within 30 days.
    11. Collected $7,200 cash in partial payment from the client described in transaction g.
    12. Paid $1,500 cash for wages to a drafting assistant.
    13. Paid $2,250 cash to settle the account payable created in transaction h.
    14. Paid $675 cash for minor repairs to the drafting equipment.
    15. Shelton withdrew $9,360 cash for personal use.
    16. Paid $1,500 cash for wages to a drafting assistant.
    17. Paid $3,000 cash for advertisements in the local newspaper during June.
General: Accounts Receivable and Cash essay

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