Cash from customers who have previously been billed


Analyze transaction and compute net income:

1. Invested $15, 000 cash to start the agency.

2. Paid $600 cash for April office rent.

3. Purchased equipment for $3, 000 cash.

4. Incurred $700 of advertising cost in the Chicago Tribune, on account.

5. Paid $800 cash for office supplies.

6. Performed services worth $10, 000: $3, 000 cash is received from customers, and the balance of $7, 000 is billed to customers on account.

7. Withdrew $500 cash for personal use.

8. Paid Chicago Tribune $500 of the amount due in transaction.

9. Paid employees salaries $2, 500.

10. Received $4, 000 in cash from customers who have previously been billed in transaction.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Cash from customers who have previously been billed
Reference No:- TGS0697785

Expected delivery within 24 Hours