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