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FAR601 Financial Accounting And Reporting1

tag 0 Download 16 Pages / 3,959 Words tag 08-09-2020
  • Course Code: FAR601
  • University: Geneva Business School
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  • Country: Switzerland

Question:

Summary financial data for the Nu-Look Dry Cleaning Co. for November are presented below in transaction form.

1.Opened a business bank account, depositing $ 12,000
2.Purchased supplies for cash, $220
3.Purchased dry cleaning equipment from Hill cleaning Equipment, Inc. for $3,500, paying $1,500 in cash with the balance on account.
4.Paid rent for the month, $825
5.Cash sales for the month totaled $1,850
6.Paid salaries of $375
7.Paid $500 on account to Hill cleaning Equipment, Inc.
8.The cost of supplies used was determined to be $60.

 
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Total 16 pages

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