The Following Transactions Took Place for Tanaka Company

question 178

Essay

The following transactions took place for Tanaka company:
1. Purchased equipment on account for $9800.
2. Billed customers $5600 for services performed.
3. Made payment of $2400 on account for equipment purchased earlier in month.
4. Collected $3900 on customer accounts.
1. What is the balance in Accounts Payable at June 30 2016?
2. What is the balance in Accounts Receivable at June 30 2016?

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Definitions:

Interim Financial Statements

Financial reports covering a period shorter than the fiscal year, often quarterly, to provide an ongoing view of the company's financial position.