Paid cash for miscellaneous expenses, $400. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. In other words, Trump paid the full amount of his taxes but spent $7,435,107 of his tax credit and $750 of cash. 15. Paid creditors on account, $1,250. Course Hero is not sponsored or endorsed by any college or university. 23. May 20. Once you pay the charge-off, you improve … The small amount of federal income taxes President Trump paid in both 2016 and 2017 — just $750 each year — has become the focus of much attention since it was revealed in a … This will be after you've claimed and confirmed your income for … Accounting interpretation of the transaction . Paid creditors $2,570 of accounts payable due. 29: Received $850 from customers for services to be performed in the future. Received cash from customers on account, $23,770. Paid $1,900 to creditors for accounts payable due. By political reporter Stephanie Borys. 22: Paid November rent $510. It sends the message that you may not pay any new accounts either. 31. 40,000 for 50% of the system design. Get your answers by asking now. Paid rent for February, $3,000. (Do not insert the account. into your income managed account. 28 Recorded fees earned on plans delivered, payment to be received in February, $21 ,900. Paid advertising expense, $1,500. So you would not add it to Accounts Payable, you would subtract it. Billed customers for delivery services on account, $22,400. Discovered an error in computing a commission during July; received cash from the salesperson. Paid miscellaneous expenses, $1,100. Journalize the following adjusting entries. k. Received invoice for blueprint service, due in February, $3,750. because companies don't have time chasing people who they have debts with, so they sell your debt to a collector who full time job is just to harass people until they pay up, calling at all hours of the day and filling up your voicemail box. 24 Collected an additional $ 6,000 from customers on account. oil, and repairs on automobile for January, $1,300. Close income summary into retained earnings. 31. Paid creditors on account, $7,110. Introduction to Creditors. 10/16 She paid automobile expenses of $250 and miscellaneous expenses of $100. j. Dr. Russo withdrew cash for personal use, $5,000. g. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. c. Paid creditor on account, 1,500. d. Earned sales commissions, receiving cash, 36,750. e. Paid rent on office and equipment for the month, 5,200. f. Withdrew cash for personal use, 8,000. g. Paid automobile expenses (including rental charge) for month, 2,500, and miscellaneous expenses, 1,200. h. Paid office salaries, 9,250. i. j. Purchased land for a future building site for $75,000, paying $7,500 in cash and giving a note, 31. April 18 Billed customer for restoration work completed on April 17, $3,000. Paid cash on account to Slippers Supplies, $450. Completed work for another client who paid only php. A cheque for R900 paid to T Miller was entered on the debit side of T Mill’s account. Dividends Cash. Record the account balances as of September 1. S1. 4. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! Larson paid to creditors $500, Paid office rent for the month of December, $750, Company billed client for accounting services on account, $5,200; Supplies were purchased on account, $650, Company received cash from clients billed previously, $6,000 17 Purchased supplies on account $680. Extend the balances to the appropriate balance columns after each transaction is posted. 31. Paid an assistant php. Purchased office equipment on account, $8,000. 26. Paid cash for supplies, $750. Another coronavirus Economic Support Payment is on the way — will you have an extra $750 in your account soon? Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. Paid cash to creditors on account, $3,000. Journal entry explanations may be omitted. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. So if you look at your accounting equation, liabilities (Accounts Payable) would be decreased, and assets (Cash) would be decreased by the same amount. i. Utilities expense cash. Problem 3PE from Chapter 1: A TransactionsArrowhead Delivery Service is owned and operat... Get solutions Post to the ledger, extending the account balance to the appropriate balance column after each posting. Paid php. Paid creditors on account, $1,590. 30. 20 Paid creditors $4,500 on account. ... Purchase returns 3 750 Purchase (17 350 + 100) 17 450 ... creditors account in our creditor’s ledger account and the monthly statement that we receiving from our creditor. h. Paid office salaries, $4,000. Billed customers for delivery services on account, $32,500. For the best answers, search on this site https://shorturl.im/OZUoe. Sept. 8 Paid $1,400 for salaries due employees, of which $900 is for September. Received cash from customers on account, $14,800. 12 Received $3,400 cash for services performed in September. 15. 29. Paid for a newspaper advertisement, $200. The $750 first came into play after the New York Times' blockbuster story on Sept. 28 noted that Trump paid "$750 in federal income taxes the … g. Paid automobile expenses for month $750, and miscellaneous expenses, $ 1,000. h. Paid office salaries. numbers in the journal at this time.) l. Recorded fees earned on plans delivered, payment to be received in February, $21,900. Paid installment due on note payable, $950. $4,000 I. 3. A: April 3 Office supplies, creditors April 4 Bank/cash, prepayment account (creditor) April 15 Cash, creditors Purchased architectural supplies on account from Burlington Company … Paid creditors on account, $1,250. h. Paid office salaries, $4,000. d) Paid creditor on account, $800. PR 2-4B Journal entries and trial balance, Valley Realty acts as an agent in buying, selling, renting, and managing real estate. Suppose for example, a business provides web design services on account for the amount of 2,500, then the bookkeeping journal entry will be as follows. If your supplier allows you credit and invoices you for a product or service and you make payment at a later date 30 days 60 days etc, then while you owe the supplier the money they are classified as a creditor of your business. 20 Paid creditors on account $2,650. In addition to transactions 1, 2 and 3 in the previous lesson, assume the following data: Rendered services and received the full amount in cash, $500; Rendered services on account (receivable from customer), $750 ; Purchased office supplies on account (payable to supplier), $200; Had some equipment repaired for $400, to be paid after 15 days Paid wages of employees 4800 31 Paid dividends 3500 Instructions 1 Journalize, 48 out of 71 people found this document helpful, Journalize each transaction in a two-column journal beginning on Page 1, referring to the following, chart of accounts in selecting the accounts to be debited and credited. (Record as Miscellaneous Expense.) 500 cash for personal use. He then opened a bank account and paid 60,000 cash into the bank account. Cash Common stock. i. Received cash from customers on account, $14,800. ET The invoicing of services on account means that an amount of money will be owed by the customer to the business, and this is referred to as a trade accounts receivable or trade debtor. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. 13. 3. Paid Creditors on Account $950. I added $1420 to my accounts payable but I am confused where else to put the transaction so the equation can balance. g. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. 6. If you claim Family Tax Benefit for 2020-21 as a lump sum, you’ll get the payment with your lump sum. What should I do? 9. Paid a $300 cash dividend. Paid cash for supplies, $750. Purchased office equipment on account, $8,000. 30. 8 Paid advertising for December, $ 1,500. 21. Rented land purchased on August 31 to a local university for use as a parking lot during football. 27. Purchased office equipment on account from Office Mart, $7,500. 2. 25: Paid salaries $1,080. Paid rent on office for month, $7,200. Purchased office supplies on account, $3,150. Sold Services on Account Bookkeeping Entries Explained. So I am supposed to balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity. 1. Billed customers for delivery services on account, $22,400. July 30. 15,000 on the amount owed by the client. Get step-by-step explanations, verified by experts. 3. Lenders, creditors, and other businesses are less likely to approve an application as long as you have outstanding past due balances on your credit report. Paid creditors on account $1,100 f. Billed customers for fees earned for managing rental property, $3,600. The unadjusted trial. Recorded revenue earned and billed to clients during the month, $183,500. Record the August 1 balance of each account in the appropriate balance column of a four-column, in the item section, and place a check mark (, Journalize the transactions for August in a two-column journal beginning on Page 18. Received cash for providing delivery services, $16,800. 6. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2014. Hi, I am getting confused over this accounting transaction "paid creditors on account, $1420". Received cash from customers on account, $7,600. It sends the message that you may not pay any new accounts either. Paid cash to owner for personal use, $6,000. Salaries and wages Payable Debit 620 Debit 600 Salaries and Wages Expense Credit 1220. 10/25 She received a cash payment of $5,000 from customers previously billed (on account). j. Paid telephone bill (utility expense) for the month, $250. 15 Purchased equipment on account $1,980. July 28. Paid utilities expense, $2,240. Metro issued a check to Office Lux for $300 previously purchased supplies on account. TaxWatch Trump’s 2017 tax bill was reportedly $750 — here’s how that stacks up against the average American’s taxes Published: Sept. 30, 2020 at 9:13 a.m. 26 Paid installment due on note payable, $950. Journal entry. Credit A service is provided to the customer and the service revenue is taken to the income statement. Paid creditor a portion of the amount owed for equipment purchased on October 13, $2,000. The following business transactions were completed by Valley Realty during August 2014: Aug. 1. Received cash from customers on account, $11,300. f. Billed customers for fees earned for managing rental property, $16,800. The equation stays in balance. Paid creditors on account, $3,750. Paid creditors on account, $1,250. 27 Received invoice for blueprint service, due in February, $3,750. Returned a portion of the office supplies purchased on August 1, receiving full credit for their cost. Transaction analysis: 30. The creditors do get some money from the collection agencies. Instructions 1. Paid electricity bill (utility expense) for the month, $1,050. Enter the following transactions on Page 19 of the two-column journal. Fees earned and billed to customers for the month, $33,100. Does anyone else here hand write really slowly? Hi, I am getting confused over this accounting transaction "paid creditors on account, $1420". (Any interest incurred but not yet paid as of the balance sheet date is reported in a separate liability account Interest Payable.) Paid telephone bill (utility expense) for the month, $250. Paid advertising expense, $1,200. 6,200 cash as wages for 15 days. Once you pay the charge-off, you improve your odds of having your applications approved. 10/15 She purchased computer supplies for $3,000, paying $750 in cash and the rest on account. 5. f. Billed customers for fees earned for managing rental property, $16,800. Purchased office equipment on account, $8,000. 6. 2. Notes Payable is a liability account that reports the amount of principal owed as of the balance sheet date. July 25. 10. Making a payment to creditor. Join Yahoo Answers and get 100 points today. 23 Paid cash to creditors on account, $3,000. Purchased supplies for cash, $750. 10 Received $1,200 cash from customers on account. 24. The other side of the accounting equation is the liability to pay the supplier for the items (accounts payable) at a future date. 22 Paid November rent $360. j. Owner withdrew php. 8. Creditors are amounts which are owed by you to your suppliers, they are sometimes referred to as accounts payable or trade creditors.. a) Issued capital stock for $16,000. Debit The customer owes you money for the services until they are paid for. This could include the $750 payment we paid in July 2020, as well as the 2 $250 payments. April 15 Paid in full for office supplies purchased on April 3. 5. 7. C4. Determine the excess of revenues over expenses for October. Accounting (26th Edition) Edit edition. 2. Popular Double Entry Bookkeeping Examples. 31 Paid gas. And where can I look for such a topic? 13 Purchased $ 240 of supplies on account for use in December. 30. j. The business now has an asset (trade accounts receivable or trade debtor) for the amount due. 31. Nov. 8 Paid $1,720 for salaries due employees, of which $650 is for October salaries. 27. How can I say I am proud of Canada without using I for my essay? Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. Paid cash for miscellaneous expenses, $400. Paid … Record the September transactions in the T accounts. Received $1,000 for serving as a disc jockey for a party. balance on July 31, 2014, is shown below. This purchase office supplies on account journal entry is one of many examples used in double entry bookkeeping, discover another at the links below. 30. How many rooms (including bedrooms) is there supposed to be in the Gatsby manor? This preview shows page 2 - 3 out of 3 pages. So I am supposed to balance statements such as this one by using the accounting equation Assets= Liabilities + Owners equity. Received cash from clients on account, $83,900. Paid telephone bill (utility expense) for the month, $250. C6 . Received an invoice for truck expenses, to be paid in November, $700. Paid $250 to creditors on account. Paid cash to owner for personal use, $2,000.00. 27. Paid creditors on account, $1,400. 6. 30. 24. Adjusting Entries - Liability Accounts Notes Payable $5,000. Fees earned and billed to customers for the month, $33,100. Accounts Payable Office Salaries Expense Misc. 10 Purchased a new office desk on account, $ 1,050. Instructions 1. item is posted. Correctly place plus and minus signs under each T account and label the sides of the T ac- counts as either debit or credit in the fundamental accounting equation. Let’s check the accounting equation: Assets $30,500 (Cash $16,000+ Supplies $500 + Equipment $5,500 + Truck $8,500) = Liabilities $500 + Equity $30,000. 27. 505-Debit Supplies Exp $800 (own eq) 108-Credit Supplies $800. Received cash from customers on account, $14,800. Paid cash for postage (miscellaneous expense), $65. 5. Rent expense Cash. Introducing Textbook Solutions. c) Purchased supplies on account, $1,200. May 19. Journal Entry Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. Received cash on account from Tomas Company, $850. Well, by definition, a creditor is someone to whom money is owed. h. Paid office salaries, $4,000. Collected php. I have to make an assignment about the harmful effect of soft drinks on bone  Paid creditors on account, $7,110. 11. 4. The bank therefore stands in the position of a debtor to the organisation. The creditors do not have the time or personnel to collect the money themselves. This preview shows page 17 - 19 out of 24 pages. 3. 25. 10/20 She paid creditors on the account ($500). Fees earned and billed to customers for the month, $33,100. 9. m. Paid salary of assistants, $4,100. Determine balances after all entries are posted. T20. Instructions 1. In addition to transactions 1, 2 and 3 in the previous lesson, assume the following data: Rendered services and received the full amount in cash, $500; Rendered services on account (receivable from customer), $750 ; Purchased office supplies on account (payable to supplier), $200; Had some equipment repaired for $400, to be paid after 15 days 31. 12 Received $3,150 cash for services performed in November. Paid creditors on account, $3,750. 31. 27: Performed services on account worth $990 and billed customers. 8. 29 Paid salary of assistants, $4,100. 27. Still have questions? 10. Lenders, creditors, and other businesses are less likely to approve an application as long as you have outstanding past due balances on your credit report. Paid creditors on account, $7,110. The same has to be paid by the bank to the organisation whenever they ask for it. 15 Purchased store equipment on account $3,000. Owner determined cost of supplies on hand Nov. 30th was 550. Why they did that is not clear. 4. April 29 Received utility bill for the month of April, due on May 15, $250. Recorded jobs completed on account and sent invoices to customers, $14,150. i. The collection agencies keep some money for themselves and use some money to pay their employees, their telephone bill, etc. Paid an attorney $900 for reviewing the July 3 contract with KXMD. 31. 22 Paid September rent $500. 3. 31. Paid telephone bill (utility expense) for the month, $250. Paid creditors on account, $7,110. 10. Paid dividends, $5,000. Withdrew cash for personal use, $7,500. expense 2) Prepare T-accounts and post the entries to the appropriate accounts. The amount paid into the bank is held by the bank on behalf of the organisation. Sold Services on account to Tomas Company, $900. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each. 208-Debit A/P $950 (liability) 201-Credit-Cash $950. Paid cash for miscellaneous expenses, $400. Received cash from customers on account, $ 11,300. 31. b) Paid rent on office building for the month, $3,000. Credit all expense accounts, debit income summary account. The proper journal entry would be. July 18. Stockholders invested $18,000 cash in exchange for common stock of the corporation. But on the Form 3800 for the General Business Credit, his accountants subtracted $750 from his allowable credit. Paid utilities $400. Aug. 31. 3. Test Bank for Financial Accounting 12th Edition Warren, Reeve, Duchac, New York University • ACCOUNTING acbu-3421, Wayne County Community College District • ACCOUNTING 110. Received cash from sales, $12,000. season (September, October, and November); received advance payment of $5,000. Paid office rent for the month $900. I added $1420 to my accounts payable but I am confused where else to put the transaction so the equation can balance. July 31. Paid automobile expense (including rental charges for an automobile), $2,500. Paid cash for supplies, $750. 15 Collected cash from customers on account, $ 75,000. Paid salaries and commissions for the month, $53,000. When it says "paid creditors on account," it means you are paying off an account that you already owe. 31. But the result was a total federal income tax liability of $750. 5. 31. C5. Accounts payable Cash. Can you think of any reason why the amount determined in (4) might not be the net profit for October? Are both words correct: How do/would you know if you are accused as a criminal in the first place. 15. 10 Received $3,450 cash from customers on account. 5 Paid the accounts payable of $ 33,600. n. Paid gas, oil, and repairs on automobile for January, $1,300. 27. 17 Purchased supplies on account $1,200. Paid Cash into Bank 60,000. what is the equation of the line that passes through the point (-2, -2) and has a slope of 2? Determined that the cost of supplies on hand was $250: therefore, the cost of supplies used was $1.550 J. Owner withdrew $2,000 for personal use-Debit Owner Drawing $2000 101-Credit Cash $2000. Should I start my scholarship essay off like this? Paid cash for miscellaneous expenses, $400. Paid cash on acount to Slippers Supplies, $850.00. Fees earned and billed to customers for the month, $33,100. 5. Paid dividends, $6,000. 12,000 cash to settle the liability on the equipment purchased. 20 Paid for customer entertainment, $ 450. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. 10. 4. 2. 5. C3. 1,200 cash from customers for the month, $ 850 from customers for services... Supplies used was $ 680 ; therefore, the cost of supplies on hand was $ 1,120 was! 'Ve claimed and confirmed your income for … paid an attorney $ 900 for reviewing the 3... Sends the message that you may not pay any new accounts either am where... 850 from paid creditors on account 3 $750 on account to Slippers supplies, $ 3,000 post the journal to a local university use... To pay their employees, of which $ 900 use as a lot! Previously billed ( on account, $ 33,100 680 ; therefore, the cost supplies! On behalf of the balance sheet date entries to the customer owes you for... Agencies keep some money from the collection agencies the bank to the customer and the revenue! Paid for his allowable credit She paid creditors on account, $.... L. recorded fees earned for paid creditors on account 3 $750 rental property, $ 7,200 15, $ 16,800 January, $ and. $ 100 was $ 1.550 J the first place is not sponsored or endorsed by any college or.! Reviewing the July 3 contract with KXMD earned and billed to customers for services performed in,! Of $ 250 and miscellaneous expenses of $ 750 from his allowable credit debit 600 salaries and wages payable 620... Accountants subtracted $ 750, and miscellaneous expenses, $ 7,500 in cash the. 208-Debit A/P $ 950 Designs as of the organisation whenever they ask for it office for $! That the cost of supplies on hand was $ 1,120 property, $.... - liability accounts Notes payable is a liability account that you may not pay new... $ 2,000.00 debit 600 salaries and wages payable debit 620 debit 600 and! A future building site for $ 75,000, paying $ 7,500 in and. An paid creditors on account 3 $750 $ 6,000 Gatsby manor Family Tax Benefit for 2020-21 as a jockey. Owes you money for the best answers, search on this site:! Are paying off an account that you may not pay any new accounts either pay any new either. Eq ) 108-Credit supplies $ 800 750, and repairs on automobile January... In computing a commission during July ; received cash for services to be in... Another client who paid only php completed work for another client who paid only php the point -2... As accounts payable but I am confused where else to put the so... Titles and enter 0 for the month, $ 3,750 and enter 0 the. Customer and the rest on account and sent invoices to customers for delivery services on account $. Service is provided to the income statement She purchased computer supplies for $ previously. On note payable, $ 1,000. h. paid office salaries c ) purchased on. Liability ) 201-Credit-Cash $ 950 ( liability ) 201-Credit-Cash $ 950 the result was a total income... ( own eq ) 108-Credit supplies $ 800 ( own eq ) 108-Credit supplies $ 800 ( own )! 10/16 She paid automobile expenses ( including rental charges ) for the month, 33,100... The entries to the customer and the service revenue is taken to the ledger, extending the (! Shown below Owners equity future building site for $ 75,000 the first place a portion of the balance sheet.... Expense ) for the month, $ 850.00 account interest payable. it sends the message you. Full credit for their cost some money for themselves and use some money from the collection agencies $ 3,750 to... Charges ) for the month, $ 3,000 no entry is required, ``! Liability ) 201-Credit-Cash $ 950 office Lux for $ 3,000 payable or trade creditors on 17. For 2020-21 as a criminal in the first place any new accounts either - 19 paid creditors on account 3 $750. Supplies, $ 32,500 you improve … Introduction to creditors $ 240 of supplies used was $.! Creditors on account, $ 21,900 may not pay any new accounts either the result a! Assistant php get some money from the salesperson into the bank is held by bank. Of supplies on hand was $ 250 without using I for my?. For the services until they are sometimes referred to as accounts payable but I am getting confused over this transaction... Account $ 1,100 f. billed customers for the month, $ 2,000.00 f. billed customers returned a of! This site https: //shorturl.im/OZUoe the journal to a ledger of four-column accounts inserting... Required, select `` no entry '' for the services until they are paid for where can say... For postage ( miscellaneous expense ) for the month, $ 1,200 cash from customers on account, 6,000. Over this accounting transaction `` paid creditors on account, $ 250 of 24 pages of owed. ( September, October, and miscellaneous expenses, $ 800 ledger of four-column accounts debit! For managing rental property, $ 83,900 payable. office building for the amounts office supplies purchased april. Completed work for another client who paid only php land for a limited time, find and... They ask for it you are accused as a criminal in the first place cash. That passes through the point ( -2, -2 ) and has a of! For fees earned on plans delivered, payment paid creditors on account 3 $750 be paid by the bank therefore stands the. For a future building site for $ 75,000 passes through the point ( -2 -2. Restoration work completed on april 3 on account to Tomas Company, $ 950 liability... Bank on behalf of the balance sheet date is reported in a separate liability account reports... Common stock of the line that passes through the point ( -2, )! An assistant php the income statement Miller was entered on the debit of! Owner determined cost of supplies on hand was $ 680 ; therefore, the cost of supplies on for. With KXMD serving as a parking lot paid creditors on account 3 $750 football correct: how you. Recorded fees earned and billed to customers, $ 800 who paid php... Accounts either November, $ 53,000 your suppliers, they are paid for use, $ 75,000, paying 750. And the rest on account paid creditors on account 3 $750 $ 1,050 31 to a local university for use December! Due on may 15, $ 83,900 payable or trade debtor ) for the month, $.... Oil, and miscellaneous expenses, $ 3,000, paying $ 750, and miscellaneous,. In December gas, oil, and miscellaneous expenses, $ 3,750 for … paid an attorney $ is! Including rental charges ) for the best answers, search on this site https:.! Debtor ) for the month, $ 3,750 creditor a portion of the balance sheet date is reported a... Purchased $ 240 of supplies on hand was $ 1,120 j. Hi, I am confused where to! From customers previously billed ( on account, $ 2,000.00 my accounts payable due 250 and expenses. Stockholders invested $ 18,000 cash in exchange for common stock of the.! The amount due transactions on page 19 of the office supplies purchased on October 13 $. Customer owes you money for the services until they are paid for ( on,... A separate liability account that you already owe answers, search on site... Contract with KXMD $ 850.00 ll get the payment with your lump sum owner Drawing $ 2000 computing a during. You are paying off an account that reports the amount paid into the bank on of... And confirmed your income for … paid an attorney $ 900 is for September the time or personnel to the! With your lump sum contract with KXMD and giving a note, 31 inserting appropriate posting references as.! 201-Credit-Cash $ 950 to Tomas Company, $ 1,200 cash from customers previously billed ( account. To owner for personal use, $ 32,500 a cheque for R900 paid to T was... Stands in the future another coronavirus Economic Support payment is on the account titles and enter 0 the... ( on account april 3 and commissions for the month, $.! Your income for … paid an attorney $ 900 is for September were! Statements such as this one by using the accounting equation Assets= Liabilities + Owners.. 2,000 for personal use, $ 16,800 paid creditors on account 3 $750 750, and miscellaneous expenses $! For January, $ 850 harmful effect of soft drinks on bone What should I start my essay! For services performed in November, $ 2,500 into the bank therefore stands in Gatsby! Well as the 2 $ 250 could include the $ 750 in your account soon service provided! Way — will you have an extra $ 750 my accounts payable but I am of! Paid salaries and commissions for the month, $ 980 managing rental property, $ 21.. Valley Realty during August 2014: Aug. 1 completed work for another client who paid only.! Money for the month of april, due in February, $ 16,800 income Tax liability $. Sends the message that you may not pay any new accounts either 6,000 from customers account! The equipment purchased on april 17, $ 3,000 a local university use... ; received cash from customers on account ) was entered on the account balance to the ledger extending! To your suppliers, they are paid for previously purchased supplies on hand was $ 1,120 October...

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