D. True, False, False E. False, False, False Usth nmation for tuestions Followin
ID: 2333654 • Letter: D
Question
D. True, False, False E. False, False, False Usth nmation for tuestions Following are the transactions for ABC Computer Service's first month of business, September 2018: Sept 1 The owner invested S10,000 into the business in exchange for common stock. 4 Purchased equipment for $2,800 in cash. v 7 Purchased supplies on credit for $460. 10 Performed programming services, and received payment of $3,300. 15 Received cash for programming seryices to be performed in October, S1,900. 18 Paid the rent for September, $550 20 Billed a customer for programming services performed, $1,630. 27 Paid employee wages of $3,000. 27 Collected $900 from customer billed on Sept. 20th 28 Paid S1,800 for a one year insurance policy beginning October, 1. Supplies used during the month amounted to $125. 28 6. Determine total current assets on September 30, 2018: A. S10,815 B. $11,715 C. $9,015 D. S 9,915 E. $13,615 7. Determine total current liabilities on September 30, 2018: S3,990 $2,360 $1,460 $2,235 $460 A. D. E. 15c, 18cExplanation / Answer
Part -(6) The correct answer is (B) i.e. $11,715 Sept 1 Cash -Common stock 10,000 Sept 4 Cash - Supplies (2,800) Sept 7 Supplies 460 Sept 10 Cash - Programming services 3,300 Sept 15 Cash - Programming services 1,900 Sept 18 Cash - Rent (550) Sept 20 Accounts receivable 1,630 Sept 27 Cash - wages (3,000) Sept 27 Cash received 900 Sept 28 Cash - Prepaid insurance (1,800) Sept 28 Prepaid insurance 1,800 Sept 28 Supplies (125) Total current assets 11,715 Part -(7) The correct answer is (B) i.e. $2,360 Sept 7 Accounts payable 460 Sept 15 Unearned revenue 1,900 Total current liabilities 2,360
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