What is the total amount of expense that should appear on july income statement?
a.430
b.850
c.1,280
d.1,440
Additional Information
July 10 Bank One loans the company 2,500. The company will settle up put money on the loan on due hours of daylight surrounded by August
July 9 Supply deliver furniture (1,060)and expendable bureau supplies (160) to BAY Office, going away an invoice for 1,220
July15 Payment made to Supply for Furniture and organization supplies deliver on July 9
July 23, $430 bill for punch for month is June is receive and will be rewarded on due date contained by AUgust
July 31 Salaries are rewarded to hand contained by the amount of 850
Answers:
July 10 Bank One loans the company 2,500. The company will pay packet support the loan on due daylight contained by August
This entry have no effect on the income statement at adjectives.
July 9 Supply deliver furniture (1,060)and expendable bureau supplies (160) to BAY Office, departing an invoice for 1,220.
Furniture is a be a foil for sheet item. Office supplies expended $160 is taken to the income statement.
July15 Payment made to Supply for Furniture and bureau supplies deliver on July 9
This have no effect on the income statement. Office supplies already record above. You one and only diary the cut rate within A/cs payable here.
July 23, $430 bill for vivacity for month is June is received and will be remunerated on due date contained by AUgust.
Utilities of $430 is taken to the income statement.
July 31 Salaries are remunerated to member of staff within the amount of 850
Salaries are taken to the income statement.
Total up adjectives the items that be in motion to the income statement :
$160 + $430 + $850 = $1,440.
The answer is (d) $1,440.
Note : The drive bill for $430 is for June, so technically, surrounded by June you should hold accrue for this, and surrounded by July you should accrue for July's usage too, but no-one does this surrounded by practice, so I'll evacuate the answer above as it stands.
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b.850
c.1,280
d.1,440
Additional Information
July 10 Bank One loans the company 2,500. The company will settle up put money on the loan on due hours of daylight surrounded by August
July 9 Supply deliver furniture (1,060)and expendable bureau supplies (160) to BAY Office, going away an invoice for 1,220
July15 Payment made to Supply for Furniture and organization supplies deliver on July 9
July 23, $430 bill for punch for month is June is receive and will be rewarded on due date contained by AUgust
July 31 Salaries are rewarded to hand contained by the amount of 850
Answers:
July 10 Bank One loans the company 2,500. The company will pay packet support the loan on due daylight contained by August
This entry have no effect on the income statement at adjectives.
July 9 Supply deliver furniture (1,060)and expendable bureau supplies (160) to BAY Office, departing an invoice for 1,220.
Furniture is a be a foil for sheet item. Office supplies expended $160 is taken to the income statement.
July15 Payment made to Supply for Furniture and bureau supplies deliver on July 9
This have no effect on the income statement. Office supplies already record above. You one and only diary the cut rate within A/cs payable here.
July 23, $430 bill for vivacity for month is June is received and will be remunerated on due date contained by AUgust.
Utilities of $430 is taken to the income statement.
July 31 Salaries are remunerated to member of staff within the amount of 850
Salaries are taken to the income statement.
Total up adjectives the items that be in motion to the income statement :
$160 + $430 + $850 = $1,440.
The answer is (d) $1,440.
Note : The drive bill for $430 is for June, so technically, surrounded by June you should hold accrue for this, and surrounded by July you should accrue for July's usage too, but no-one does this surrounded by practice, so I'll evacuate the answer above as it stands.