Reference no: EM132608003

Question 1: The following narratives describe transactions impacting cash, accounts receivable, accounts payable, revenues, and selected expense accounts. Use T-accounts to analyze this activity and determine the ending balances for accounts receivable and accounts payable. At the beginning of the period, accounts receivable totaled $108,600, while accounts payable totaled $62,550. The company started the period with $170,000 in cash.

Transaction #1 Services were provided to customers for cash in the amount of $30,460.

Transaction #2 Supplies were purchased and used. This purchase occurred on account, in the amount of $4,800.

Transaction #3 Collections of outstanding receivables occurred in the amount of $38,820.

Transaction #4 Utilities costs in the amount of $1,526 were incurred and paid in cash.

Transaction #5 Payments on outstanding accounts payable were made for $47,800.

Transaction #6 Services were provided to customers on account in the amount of $97,308.