The Upton Country Store Had the Following Transactions in April

question 35

Essay

The Upton Country Store had the following transactions in April:
a. Sold $25,000 of goods to customers and received $22,000 in cash and the rest are on account
b. The cost of the inventory sold was $13,000
c. The store purchased $8,000 of inventory and paid for $4,000 in cash and the rest were bought on account
d. They paid $7,000 in wages for the month
e. Received a $600 bill for utilities for the month that will not be paid until May
f. Received rent for the adjacent store front for the months of April and May in the amount of $3,000 Complete the following statements:
Cash Basis
Statement of earnings
Revenues:
Accrual Basis Statement of earnings
Revenues:

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Definitions:

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