Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. perez opened a veterinary business in nashville, o

Perez opened a veterinary business in Nashville, on August 1. On August 31, the balance...

60.1K

Verified Solution

Question

Accounting

Perez opened a veterinary business in Nashville, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and Perez, Capital $13,700. During September the following transactions occurred. 1.Paid $2,900 cash on accounts payable. 2.Collected $1,300 of accounts receivable. 3.Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account. 4.Earned revenue of $6,300 of which $2,500 is collected in cash and the balance is due in October. 5.Withdrew $600 in cash for personal use. 6.Paid salaries $1,700, rent for September $900, and advertising expenses $300. 7.Incurred utility expenses for month on account $170.

What are the ending balances at the end of September??

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students