Question

Exercise 4-22 (Algo) Transaction analysis using T-accounts LO 4-6, 4-7 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: a. Accounts Receivable had a balance of $1,560 at the beginning of the month and $1,170 at the end of the month. Credit sales totaled $15,600 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account. b. The Supplies account had a balance of $702 at the beginning of the month and $949 at the end of the month. The cost of supplies used during the month was $3,042. Calculate the cost of supplies purchased during the month. c. Wages Payable had a balance of $533 at the beginning of the month. During the month, $4,940 of wages were paid to employees. Wages Expense accrued during the month totaled $5,330. Calculate the balance of Wages Payable at the end of the month. Requirement 2: Prepare the journal entries for the above transactions. a. Cash collected from customers b. Cost of supplies purchased c. Wages payable

          Exercise 4-22 (Algo) Transaction analysis using T-accounts LO 4-6, 4-7

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:
a. Accounts Receivable had a balance of $1,560 at the beginning of the month and $1,170 at the end of the month. Credit sales totaled $15,600 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account.
b. The Supplies account had a balance of $702 at the beginning of the month and $949 at the end of the month. The cost of supplies used during the month was $3,042. Calculate the cost of supplies purchased during the month.
c. Wages Payable had a balance of $533 at the beginning of the month. During the month, $4,940 of wages were paid to employees. Wages Expense accrued during the month totaled $5,330. Calculate the balance of Wages Payable at the end of the month.

Requirement 2:
Prepare the journal entries for the above transactions.

a. Cash collected from customers
b. Cost of supplies purchased
c. Wages payable

Exercise 4-22 (Algo) Transaction analysis using T-accounts LO 4-6, 4-7

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:
a. Accounts Receivable had a balance of 1,560 at the beginning of the month and1,170 at the end of the month. Credit sales totaled 15,600 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account.
b. The Supplies account had a balance of702 at the beginning of the month and 949 at the end of the month. The cost of supplies used during the month was3,042. Calculate the cost of supplies purchased during the month.
c. Wages Payable had a balance of 533 at the beginning of the month. During the month,4,940 of wages were paid to employees. Wages Expense accrued during the month totaled 5,330. Calculate the balance of Wages Payable at the end of the month.

Requirement 2:
Prepare the journal entries for the above transactions.

a. Cash collected from customers
b. Cost of supplies purchased
c. Wages payable

Added by Agha K.

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