1. If office supplies on hand amounted to $2,750 at the beginning of the period and...
1. If office supplies on hand amounted to $2,750 at the beginning of the period and total purchases of office supplies during the period amounted to $14,200, determine the ending balance of office supplies on hand if office supplies expense for the period amounted to $13,225.
2. If beginning and ending accounts receivable were $76,000 and $82,000, respectively, and total sales made on account for the period amounted to $174,000, determine the amount of cash collections from customers on account for the period.
3. Assume all rent revenues are received in advance and accounted for as unearned rent, and beginning and ending balances of unearned rent are $8,000 and $9,500, respectively. If total rent revenue for the period amounts to $23,000, determine the amount of rent collections in advance for the period.
Homework Answers
1) started with office supplies worth 2750 and purchased 14,200 worth of supplies in the period. Expense is incurred as and when the office supplies are used up (ie. 13,225).
Hence ending amount of supplies on hand should be starting
2750 + 14,200
minus the value of supplies used up (expense)
2750 +14,200 - 13,225 = 3725 (gives ending balance)
other two answers looks correct
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