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April 20, 2014

Homework Help: financial accounting

Posted by Ashley on Friday, January 20, 2012 at 2:40am.

Connection Station, an internet café, had the following operating activities during the month of May:
1. Bought 800 in jump drives and disks, which are available for resale from Office Depot on credit
2. Paid 900 in utilities for the month of may
3. Paid 2000 rent for the month of may
4. Sold jump drives and other inventory to customers for 4000 on credit, which cost the company 500
5. Collected 2500 of the 4000 that was sold on credit
6. Paid cash for 2200 for goods for resale from staples Inc.
7. Paid employees for their work in My for 2000
8. Collected internet usage fees from customers in cash totaling 12500 for the month
9. Paid 5000 for a one year insurance policy beginning June 1
10. Employees earned an additional 1000 of wages but would not be paid until June 1
Please prepare an accrual basis income statement and enter it as you r answer. You can left-align a

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