at the beginning of May golden gap her company reports a balance and supplies of $370...
Homework Answers
Calculations of Supplies used:
| Supplies | |
| Beginning of May | $370 |
| Add: Purchases on May 15 | $2,000 |
| Total Supplies available | $2,370 |
| (Less): Ending of May | ($170) |
| Supplies used | $2,200 |
Adjusting entry for Supplies used:
| Account title and explanation | Debit | Credit |
| Supplies expense | $2,200 | |
| Supplies | $2,200 | |
| [To record supplies expense] |
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the beginning of May golden gap her company reports a balance and
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cash payments for supplies purchases. Fanning Books’s suppliers
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April
May
June
Required purchases (on account)
$
110,000
$
130,000
$
142,000
Vernon Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Vernon Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
a. Kacy Spade, owner, Invested $12750 b. The company purchased office supplies for $370 cash. c. The company purchased $7,051 of office equipment on credit. d. The company recelved $1,505 cash as fees for services provided to a customer e. The company paid $7051 cash to settle the payable for the office equipment purchased in transaction c. f. The company billed a customer $2,703 as fees for services provided g. The company pald $520 cash for the monthly rent. h....
Fanning Books expects to purchase the following supplies:
April
May
June
Required purchases (on account)
$
112,000
$
132,000
$
144,000
Fanning Books’s accountant prepared the following schedule of
cash payments for supplies purchases. Fanning Books’s suppliers
require that 85 percent of purchases on account be paid in the
month of purchase; the remaining 15 percent are paid in the month
following the month of purchase.
Required
Complete the schedule of cash payments for supplies purchases by
filling in the...
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