For each of the following situation, solve for a missing amount. Prepare journal
ID: 2417490 • Letter: F
Question
For each of the following situation, solve for a missing amount. Prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month.
Accounts Receivable had a balance of $16,200 at the beginning of the month and $6,600 at the end of the month. Credit sales totaled $90,000 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account.
Cash Collected from customer ?
The Supplies account had a balance of $5,840 at the beginning of the month and $7,760 at the end of the month. The cost of supplies used during the month was $25,280. Calculate the cost of supplies purchased during the month.
Cost f supplies purchased?
Wages Payable had a balance of $7,600 at the beginning of the month. During the month, $31,000 of wages were paid to employees. Wages Expense accrued during the month totaled $39,000. Calculate the balance of Wages Payable at the end of the month.
Requirement 2: Prepare the journal entries for the above transactions ? Record credit sales of $90,000. Record the amount of cash collected from customers during the month ? Record the purchases on account ? Record the supplies during the month ? Record the wages during the month ? Record the wages accured for the month ? Record the wages paid during the month ?
For each of the following situation, solve for a missing amount. Prepare journal entries for the information provided. In each case, there is only one debit entry and one credit entry in the account during the month.
Explanation / Answer
a.credit sales
Debtor account Dr 90000
To cedit sales Cr 90000
Record cash collected from customers
Debtors account Dr 9600
To Accounts receivable account Cr 9600
b. record the cost of supplies purchased
Credit purchases account Dr 27200
To Creditors account Cr 27200
c.record ending balance of wages payable
wages account Dr 15600
To wages payable account Cr 15600
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