ACCT_HONOR_EXAMI_MATERIAL (4)

ACCT_HONOR_EXAMI_MATERIAL (4) - In its statement of cash...

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Unformatted text preview: In its statement of cash flows for the month ending June 30, 20X1, Billy’s would show: 11. (Cash) receipts from customers of ............................................. £20 12. (Cash) payments for salaries of ................................................. /O’ 13. Total cash receipts (including those from customers) for June of ...... 2g Q 14. Total cash payments (including those for salaries) for June of . ........ £2 0 15 — 18. Prepare closing entries as of June 30. 20X1. Qetho— __ ($3 9' jammc fawning. 432i; r as. as . ((52% Z fifzmw, 61- .3 7’s. 582 _ 582. 5“? as a 22: RE 5 37: D s” b. Using the trial balance and the information in 1 through 8 below, prepare the necessary adjustments at June 30, 20K], the end of its first month of operations. 1. Depreciation expense for the month of June should be calculated using the following usefiil lives (no salvage value is anticipated): Equipment ............................. 4 years Rental tapes ........................... 1 year 2. At the end of the month, all of the rental tapes were either on hand or out on rental to customers. 3. The interest accrued but not paid on the note payable to the Stamford State Bank was $6 at June 30. 4. The cost of office supplies on hand at June 30 was $5. 5. Salaries earned by employees but unpaid at June 30 totaled $25. 3 6. Utilities billed but not paid at June 30, totaled $20. J 7. Billy’s had prepaid two (2) months rent on June- 1. 8. Billy’s had signed a contract to service and maintain VCRs for a twelve (12) month period beginning on June 1, and had received one year’s payment in advance. Prepare a trial balance after adjustments, afier 1 through 8 above have been recorded and posted to the accounts. Using this trial balance, complete the following: ...
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