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Category: Homework
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Experience:  BS Accounting
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# The exercise provides practice in understanding the operation

### Customer Question

The exercise provides practice in understanding the operation of T-accounts and transaction analysis. For each situation, you must solve for a missing amount. Use the T-Account for the balance sheet account, show in a horizontal model, or prepare journal entries for the information provided. In each case, there is only one debit and credit entry in the account during the month.

A. Accounts Receivable had a balance of \$5,400 at the beginning of the month and \$2,200 at the end of the month. Credit sales totaled 30,000 during the month. Calculate the cash collected from the customers during the month, assuming that all sales were made on the account.

B. The Supplies account had a balance of \$1,460 at the beginning of the month and \$1,940 at the end of the month. The cost of supplies used during the month was \$6,320. Calculate the cost of supplies purchased during the month.

C. Wages Payable had a balance of \$1,520 at the beginning of the month. During the month, \$6,200 of wages was paid to employees. Wages Expense accrued during the month totaled \$7,800. Calculate the balance of Wages Payable at the end of the month.
Submitted: 4 years ago.
Category: Homework
Expert:  Neo replied 4 years ago.

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Neo, Tutor
Category: Homework
Satisfied Customers: 12101
Experience: BS Accounting

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