Received statement from J. Bybee showing gross receipts from concessions of $9,000 and the balance due to The Three-Peat of $1,350 for March. Bybee paid half the balance due and will remit the remainder on April 5.
How do i put it in journal entries format???
Question2. In its first year of operations, Bere Company earned $27,046 in service revenue, $6,667 of which was on account and still outstanding at year-end. The remaining $20,379 was received in cash from customers.
The company incurred operating expenses of $14,655. Of these expenses $12,264 were paid in cash; $2,391 was still owed on account at year-end. In addition, Bere prepaid $3,645 for insurance coverage that would not be used until the second year of operations.
Calculate the first year's net earnings under the cash basis of accounting.
Cash basis net earning is??
2007-10-02
13:36:17
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4 answers
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asked by
kimtrong52
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