The usajusted Trial Balance of FDN Company on June 30, 2022 shows a balance of P565,000 for Debit and Credit. The following account balances were also available: Gross sales = P 245,000 Expenses P 145,000 Liability P 100,000 Owner's Equity = P 200,000 Cash = ? Accounts Receivable = ? Supplies =P 55, 000 Equipment = P 200,000 Accumulated Depreciation = P 20,000 How much is the balance of cash if the ratio of cash to Accounts Receivable is 1:2?

The usajusted Trial Balance of FDN Company on June 30, 2022 shows a balance of P565,000 for Debit and Credit. The following account balances were also available: Gross sales = P 245,000 Expenses P 145,000 Liability P 100,000 Owner's Equity = P 200,000 Cash = ? Accounts Receivable = ? Supplies =P 55, 000 Equipment = P 200,000 Accumulated Depreciation = P 20,000 How much is the balance of cash if the ratio of cash to Accounts Receivable is 1:2?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
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