Fall 2011 - term test #2.doc - solutions(2)

1 mark b 6 000 3 marks feb 5 canyon paid 1000 to

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Unformatted text preview: matching (1 mark) Part G (4marks) a) $4,000: Feb. 28 Canyon billed customers for $4,000 for services performed in February. Collection is not expected until March. (1 mark) b) $6, 000: (3 marks) Feb. 5 Canyon paid $1,000 to its landlord for February rent => 1,000. Feb 15 Canyon paid a total of $3,000 for 3 months of automobile insurance. The coverage on the insurance policy included the months of February, March, and April. => 1,000 Feb 27 Canyon received the bill for the utilities for the month of February, and recorded $4,000 in accounts payable on that date. The bill will not be paid until March. 4,000...
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This test prep was uploaded on 04/01/2014 for the course RSM 219 taught by Professor Z during the Spring '11 term at University of Toronto- Toronto.

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