What was the cash balance at the beginning of the month

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Reference no: EM131527410

Question: 1. During the month, Wembley Co. received $212,500 in cash and paid out $183,750 in cash.

a. Do the data indicate that Wembley Co. earned $28,750 during the month? Explain.

b. If the balance of the cash account is $36,300 at the end of the month, what was the cash balance at the beginning of the month?

2. On October 27, 2006, Lintel Co. purchased $1,320 of supplies on account.

a. Journalize the October 27, 2006, transaction.

b. Prepare a T account for Supplies. Enter a debit balance of $585 as of October 1, 2006.

c. Prepare a T account for Accounts Payable. Enter a credit balance of $6,150 as of October 1, 2006.

d. Post the October 27, 2006, transaction to the accounts and determine account balances.

Reference no: EM131527410

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