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Completed the job for which the customer paid 200 in

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Completed the job for which the customer paid $200 in May. Tops in Topiary collected $1000 incash once finished.Paid $500 for the rent of July.At the end of June notices that there are no supplies left. Makes a note to buy some in July.At the end of June notices that there are few flyers left (used for advertising) worth $100 anddecides to order some for July. Before ordering, the printer (supplier of flyers) asks to be paid$500 of the amount owed for the flyers done in May. Tops in Topiary pays $500.In June collected in cash $3,000 for 3 jobs are done for a total of $4,200, the rest is owed inaccount by the customers.In June decided to start depreciating the equipment bought for $360 that is expected to last for 3years.In June 23rd Edward Scissorhands withdrew some cash for personal reasons ($3,000).Prepare "T" Accounts in ACCRUAL Basis for the period ended on June 30th and then answer thequestion.At the end of the accounting period (June 30th, T account after AJE), what is the balance ofDepreciation Expense?360$20
$10$0None of the others alternatives are correctTB 04-21 At the end of the accounting period (June 30th, T ...The following financial statements were prepared at the end of the month of May:TOPS IN TOPIARY - INCOME STATEMENT FOR the month of MayRevenue$2,540Expenses:Rent Expense$500Advertising Expense$500Wages Expense$200$1,200Net Income$1,340TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of MAYOwner's Equity at May 1$0plus: Investment2,000plus: Net Income1,340less: Withdrawals0Owner's Equity at May 31$3,340TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31ASSETSLIABILITES AND OWNER'S EQUITYCurrent Assets:Current Liabilities:Cash$1,380 Accounts Payable$300Accounts Receivable$1,500 Advertising Payable$500Prepaid Rent$ 500Advances from Customers$200Prepaid Advertising$ 500Supplies$ 100$3,980Equipment$ 360Owner's Equity$3,340Total Assets$4,340 Total Liabilities & OE$4,340During June the following transactions occurred:Paid the helper the $200 owed from works done in May (the amount owed is in AccountsPayable).
Completed the job for which the customer paid $200 in May. Tops in Topiary collected $1000 incash once finished.Paid $500 for the rent of July.At the end of June notices that there are no supplies left. Makes a note to buy some in July.At the end of June notices that there are few flyers left (used for advertising) worth $100 anddecides to order some for July. Before ordering, the printer (supplier of flyers) asks to be paid$500 of the amount owed for the flyers done in May. Tops in Topiary pays $500.In June collected in cash $3,000 for 3 jobs are done for a total of $4,200, the rest is owed inaccount by the customers.In June decided to start depreciating the equipment bought for $360 that is expected to last for 3years.In June 23rd Edward Scissorhands withdrew some cash for personal reasons ($3,000).

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Term
Fall
Professor
CarlLapp
Tags
Balance Sheet, Generally Accepted Accounting Principles, Ricky Rock

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