Cy's Bar and Grill has $10,000 in utilities expense during the year. At the beginning of the year, Cy's had utilities payable amounting to $520. At the end of the year, utilities payable totaled $470. What amount of cash did Cy's pay for utilities during the year? (Hint: use a T-account of utilities payable) $9,950 $10,000 $10,050 $10,990
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The following narratives describe transactions impacting cash, accounts receivable, accounts payable, revenues, and selected expense accounts. Use T-accounts to analyze this activity and determine the ending balances for accounts receivable and accounts payable. At the beginning of the period, accounts receivable totaled $54,300, while accounts payable totaled $31,275. The company started the period with $85,000 in cash.
Transaction #1 | Services were provided to customers for cash in the amount of $15,230. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction #2 | Supplies were purchased and used. This purchase occurred on account, in the amount of $2,400. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction #3 | Collections of outstanding receivables occurred in the amount of $19,410. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction #4 | Utilities costs in the amount of $763 were incurred and paid in cash. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction #5 | Payments on outstanding accounts payable were made for $23,900. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction #6 | Services were provided to customers on account in the amount of $48,654.
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Vaughn Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.
1. | Performed services for patients who had dental plan insurance. At January 31, $721 of such services was performed but not yet billed to the insurance companies. | |
2. | Utility expenses incurred but not paid prior to January 31 totaled $523. | |
3. | Purchased dental equipment on January 1 for $88,000, paying $20,000 in cash and signing a $68,000, 3-year note payable. (a) The equipment depreciates $408 per month. (b) Interest is $540 per month. | |
4. | Purchased a one-year malpractice insurance policy on January 1 for $11,160. | |
5. | Purchased $1,449 of dental supplies. On January 31, determined that $470 of supplies were on hand. |
Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expenses, and Utilities Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
No. | Account Titles and Explanation | Debit | Credit |