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\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 cash, accounts
receivable and accounts payable. Record your answers in
Blackboard.
At the beginning of the period, accounts receivable totaled
$54,300, while accounts payable totaled $31,275. The
company started the period with $85,000 in cash.
| Transaction
#1 |
Services were provided
to customers for cash in the amount of $15,230. |
| Transaction
#2 |
Supplies were purchased and used. This purchase occurred
on account, in the amount of $2,400. |
| Transaction
#3 |
Collections of
outstanding receivables occurred in the amount of $19,410. |
| Transaction
#4 |
Utilities costs in the
amount of $763 were incurred and paid in cash. |
| Transaction
#5 |
Payments on outstanding
accounts payable were made for $23,900. |
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Transaction #6
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Services were provided to customers on account in the amount of
$48,654.
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****The T-accounts reveal that ending Accounts Receivable amount
to $ ___________ , and ending Accounts Payable amount to $
__________ .
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