The Accounts with Their Respective Balances for Dom's Delivery Service

question 60

Essay

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below.All accounts have normal balances. Dom's had the following transactions during the month of June.
a.Paid rent for June,$1,000
b.Dominic Goggin withdrew $4,500 from the business for personal use
c.Performed services for $4,000 in cash
d.Performed services for $22,750 on credit
e.Received $12,000 from credit customers on account
f.Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month by check
g.Paid the electric and phone bills by check for a total of $600
h.Paid creditors $6,000 on account
i.Purchased $7,500 in supplies on account
j.Paid $1,800 cash for advertising in the local newspaper in June
Using the information above,set up T accounts and enter transactions a-j.Foot each account as of June 30,2016.Prepare a Trial Balance.

Apply mathematical knowledge to make informed decisions in financial transactions involving fees and charges.

Solve complex problems involving multiple steps and calculations to find exact numerical answers.

Understand the rights and responsibilities of corporate directors and officers.

Comprehend the characteristics and implications of stock certificates and shareholder ownership.

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Definitions:

Forecasted Value

is a predicted value based on historical data and analysis, often used in statistics and economics.

Time Periods

Time periods are distinct intervals or spans of time that may be used for analysis, observation, or defining temporal constraints for specific activities.

Additive Model

A statistical model where the effects of different variables are summed together to predict the outcome.

Time Series Components

The underlying patterns and structures in time series data, such as trend, seasonality, and cyclical fluctuations.