Postings to a Cash T-Account
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Oct. 2 - Received membership dues for the month of October total $7,500
Oct 5 - Issue common stock in exchange for cash, $10,000
Oct 9 - Purchase additional boxing equipment for $8,600, paying one-half of the amount in cash and the other one-half due by the end of the year
Oct 12 - Pay $1,000 for advertising regarding a special membership rate available during the month of October
Oct 19 - Pay dividends to stockholders, $3,400
Oct 22 - Pay liability insurance to cover accidents to members for the next six months, starting November 1, $6,000
Oct 25 - Receive cash in advance for November memberships, $4,600
Oct 30 - Receive, but do not pay, utilities bill for the month, $4,200
Oct 31 - Pay employees' salaries for the month, $6,300
Required 3: Assuming the balance of cash at the beginning of October is $15,600, post each cash transaction to the Cash T-account and compute the ending cash balance
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Solution Summary
This solution illustrates how various transactions are posted to the Cash T-account.
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