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Using the following transactions, calculate (a) the ending-(Answered)

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Using the following transactions, calculate (a) the ending balance of Cash, (b) the ending balance of Accounts Receivable, (c) total liabilities, and (d) net income for the period.

a. Opened business by issuing common stock for $20,000.

b. Billed customers for services rendered, $4,000.

c. Paid for six months' subscription in advance, $1,000.

d. Received advertising bill, to be paid next week, $200.

e. Dividends of $1,600 were declared and paid.

f. Received $3,000 from customers billed in b.

g. Paid half of advertising bill.

h. Received $400 in advance of performing a service.

 

Paper#9209702 | Written in 27-Jul-2016

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