Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?

Krespy Corp. has a cash balance of $7,500 before the following transactions occur:- received customer payments of $965 supplies purchased on account $435 services worth $850 performed, 25% is paid in cash the rest will be billed corporation pays $275 for an ad in the newspaper bill is received for electricity used $235. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At March 31, Band-Aid Co. had a book balance in its cash account of $5,600. At the end of March, the company determined that it had outstanding checks of $900, deposits in transit of $900, a bank service charge of $20, and an NSF check from a customer for $280. The true cash balance at March 31 is: A. $5,300 B. $5,320 C. $5,600 D. $4,700
Q6: Braden Corporation's bank requires monthly financial statement. On its February 28, 20X1 financial statements, Braden reported total assets $325,000 and total equity of $65,000. On March 1, 20X1 Braden Corporation borrows $80,000 cash from the local bank and immediately upon receiving the funds: (a) Braden paid $28,000 to their vendor, Express Company, representing the amount owed for a purchase of supplies made on account in December 20X0. (b) Braden paid $20,000 for employee work performed in January and February 20X1. (c) Braden purchased $10,000 of new supplies from Express Company (Braden paid cash since Express is no longer allowing Braden to purchase supplies on account). Consider the company's accounting equation as of March 31st 20X1 and select the answer below that correctly describes the company's total liabilities as of this date (ignoring loan interest): A. $340,000 B. $312,000 C. $292,000 D. $282,000 E. None of the answers provided are correct.
Dooling Corporation reported balances in the following accounts for the current year:
The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $52.78. (b) Cash on hand exceeds cash reported by cash register tape by $29.45. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) Cash 7093.52 Cash Over and Short 52.78 Sales Revenue 7146.30 (b) Cash 7093.52 Sales Revenue 7146.30 Cash Over and Short 29.45
At March 31, Cummins Company had an unadjusted balance in its cash account of $10,600. At the end of March, the company determined that it had outstanding checks of $1,145, deposits in transit of $710, a bank service charge of $40, and a NSF check from a customer for $225. What is the true cash balance at March 31? Multiple Choice O $9,865 $10,165 $10,335 $10,600
The cash register tape for Oriole Industries reported sales of $27,662.00. Record the journal entry that would be necessary for each of the following situations. (a) Cash to be accounted for exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash to be accounted for by $20.50. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)
Carson's Bakery had a balance in the cash account of $18,000 per the company books on October 31. The company completed a bank reconciliation for October and the following information was provided. $20 Bank fees Deposits in transit EFTS Bank interest income Outstanding checks Wire transfer deposit $500 $75 $10 $225 $2,500 After reconciliation the company cash account should show a balance of: Cash account type your answer..
Hi, How do I calculate this using the direct method? Thanks
Please give me answer for this question
Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 227,000 Accounts Receivable 207,000 Buildings 487,000 Capital Stock 687,000 Cash 167,000 Equipment 327,000 Land 407,000 Notes Payable 527,000 Retained Earnings 154,000 On January 5, Year 2, Wilson Trucking collected $182,000 of its accounts receivable, paid $157,000 on its accounts payable, and paid $18,000 on its note payable. In a trial balance prepared for Wilson Trucking on January 6, Year 2, the total of the debit column is: Multiple Choice $1,608,000. $1,420,000. $1,648,000. $3,190,000.
The following T-account is a summary of the Cash account of Cuellar Company. Cash (Summary Form) Balance, Jan. 1 9,000 Receipts from customers 361,800 Payments for goods 238,000 Dividends on stock investments 5,600 Payments for operating expenses 140,900 Proceeds from sale of equipment 35,300 Interest paid 11,700 Proceeds from issuance of Taxes paid 8,700 bonds payable 500,000 Dividends paid 60,000 Balance, Dec. 31 452,400 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows?
Preparing closing entries from an adjusted trial balance; preparing a post-closing trial balance; and calculating the current ratio Mark’s Bowling Alley’s adjusted trial balance as of December 31, 2018, is presented below: Requirements Prepare the closing entries for Mark’s Bowling Alley. Prepare a post-closing trial balance. Compute the current ratio for Mark’s Bowling Alley.