Question

QUESTION 2

1. On June 12, Carpenter Printing printed $19,796 in magazines for the Pierre Company.  The magazines were delivered on June 15, along with an invoice for $5,940 due July 15.  Per the contract negotiated by the Pierre Company with Carpenter Printing, $4,687 will be invoiced in July and will be due August 15; the remainder will be invoiced in August and will be due September 15.  On June 18, Cecil Advertising Agency signed a contract with Carpenter Printing to print advertisements, paying $26,511 in advance. $8,966 in advertisements are contracted to be printed in June and $25,505 in advertisements are contracted to be printed in July.  On June 30, $12,869 of advertisements were printed and delivered to Cecil Advertising.  On June 30, $2,040 of the $15,808 in supplies remaining on May 31 have not been used.

   Based on these transactions alone, what are the Total Current Assets on the Balance Sheet on June 30?

Answer 1

	Transactions in Current Assets -June	Impact on Asset				Liability	Revenue
Date		Inventory	Cash	Accounts Receivable	Supplies Stock	Unearned Revenue	Sales
12-Jun	Inventory -Magazine Printed	$             19,796
15-Jun	Inventory to AR	$              (5,940)		$                5,940
18-Jun	Unearned Revenue cash receipt		$           26,511			$           26,511
19-Jan	Sales recognized from unearned revenue					$           12,869	$      12,869
30-Jun	Supplies stock balance as on June 30				$           2,040
	Total June	$             13,856	$           26,511	$                5,940	$           2,040	$           39,380	$      12,869

Total current Asset as on June 30
Cash	$             26,511
Accounts Receivable	$                5,940
Supplies stock	$                2,040
Inventory -Magazine Printed	$             13,856
Total current Asset as on June 30	$             48,347