Following are the transactions for Quicky Computer Service’s first month of busi
ID: 2334847 • Letter: F
Question
Following are the transactions for Quicky Computer Service’s first month of business, September 2015:
Sept 1 The owner invested $10,000 into the business in exchange for common stock.
4 Purchased equipment for $2,800 in cash.
7 Purchased supplies on credit for $460.
10 Performed programming services, and received payment of $3,300.
15 Received cash for programming services to be performed in October, $1,900.
18 Paid the rent for September, $550
20 Billed a customer for programming services performed, $1,630.
27 Paid employee wages of $3,000.
27 Collected $900 from customer billed on Sept. 20th
28 Paid $1,800 for a one -year insurance policy beginning October, 1.
28 Supplies used during the month amounted to $125.
Determine total current assets on September 30, 2015:
$10,815
$11,715
$9,015
$9,915
$13,615
A.$10,815
B.$11,715
C.$9,015
D.$9,915
E.$13,615
Explanation / Answer
A. 10815
Working:
Sept 1 +10000
Sept 4 - 2800 (cash gone)
Sept 7 +460 (supplies purchased)
Sept 10 +3300 (cash comes in for services supplied)
Sept 15 +1900 (cash comes in for services to be supplied in October)
Sept 18 -550 (cash gone for rent paid)
Sept 20 +1630 +money to be rec'd is CA as customer billed )
Sept 27 -3000 (cash gone for salary paid )
Sept 27 -900 ( money to be recd decreases)
+900 (money rec'd)
Sept 28 -1800 (money paid )
+1800 (prepaid payments)
Sept 28 -125 (supplies decreased)