Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $ 24,800 on account. ii. Sales on account to customers totalled $57,800. iii. Payments made to employees for wages totalled $17,700. iv. Cash collections from customers settling their accounts totalled $41, 700. v. Invoice received from the utility company for $3,800 is due in 30 days. vi. Payments totalling $16, 900 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,200 from a customer for goods to be delivered next month. Calculate the revenue,expenses and net income

Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $ 24,800 on account. ii. Sales on account to customers totalled $57,800. iii. Payments made to employees for wages totalled $17,700. iv. Cash collections from customers settling their accounts totalled $41, 700. v. Invoice received from the utility company for $3,800 is due in 30 days. vi. Payments totalling $16, 900 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,200 from a customer for goods to be delivered next month. Calculate the revenue,expenses and net income

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Description: Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $24,800 on account. ii. Sales on account to customers totalled $57,800. iii. Payments made to employees forwages totalled $17,700. iv. Cash co

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
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