Question

The following information is taken from the 2022 general ledger of Sunland Company.

Answer 1

Answer:

Prepaid Rent - Dec 31        $12,580

Rent Expenses                   $51,000

Less: Prepaid rent Jan 1     $10,030

Cash payment for Rent     $53,550

Salaries & Wages payable - Dec 31       $13,600

Salaries & Wage expense                      $91,800

Less: Salaries & wages payable Jan 1   $13,400

Cash payment for Salaries                    $92,000

Accounts receivables - Jan 1              $27,200

Sales revenue                                      $272,000

Less: Accounts receivables, Dec 31    $11,900

Cash receipts from customer            $287,300