Question

For each of the following situation, solve for a missing amount. In each case, there is only one debit entry and one credit entry in the account during the month. Requirement 1: 2. Accounts Receivable had a balance of $1,440 at the beginning of the month and $1,080 at the end of the month. Credit sales totaled $14.400 during the month Calculate the cash collected from customers during the month, assuming that all sales were made on account Cash collected from customers b. The Supplies account had a balance of $648 at the beginning of the month and $876 at the end of the month. The cost of supplies used during the month was $2,808. Calculate the cost of supplies purchased during the month. Cost of supplies purchased c. Wages Payable had a balance of $492 at the beginning of the month. During the month, $4,560 of wages were paid to employees. Wages Expense accrued during the month totaled $4,920. Calculate the balance of Wages Payable at the end of the month. Wages payable

Answer 1

a Cash collected from Customers Opening balance, Accounts Receivable Add: Credit sales $1,440 $14,400 $15,840 $1,080 $14,760 Answer Closing balance, Accounts Receivable Cash collected from Customers b Cost of supplies purchased Closing balance, Supplies Add: Supplies used $876 $2,808 $3,684 $648 $3,036 Answer Opening balance, Supplies Cost of supplies purchased с Closing balance, wages payable Opening balance, wages payable Add: wages accrued $4921 $4,920 $5,412 $4,560 $852 Answer Less: Wages paid Closing balance, wages payable Credit Event General Journal al Account receivable Sales Debit $14,400 $14,400 $14,760 a2 Cash Account receivable $14,760 $2,808 bi Supplies expense Supplies $2,808 $3,036 b2 Supplies Accounts payable $3,036 $4,920 c1 Wages expense Wages payable $4,920 $4,560 c2 Wages payable Cash $4,560