ABC Services Reported the Following Transactions for September,2013

question 3

Essay

ABC Services reported the following transactions for September,2013.
A.The owner opened the business with a capital contribution of $23,500 cash.It was credited to Capital.
B.The business purchased office equipment for $11,500.The business paid cash of $2,500 down and put the balance on a note payable.
C.The business purchased $1,350 of supplies on account.
D.The business paid a utility bill for $980 cash.
E.The business paid $2,000 cash for September rent.
F.The business had sales of $20,000 in September.Of these sales,60% were cash sales,and the balance was credit sales.
G.The business paid $9,700 cash for office furniture.
What is the total amount in the Cash account at the end of September,2013?
A)$15,520
B)$20,320
C)$28,320
D)$18,970

• A)$15,520
• B)$20,320
• C)$28,320
• D)$18,970

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Definitions:

Non-Repetitive Services

Services that are unique or custom in nature, not following a standard repetitive process.

Job Costing

A method of assigning the costs of labor, materials, and overhead to a specific job or project, making it easier to track the total expenses against the revenue produced by that job.

Back Office

The part of a company's operations that is dedicated to administrative functions that support the company's business operations but do not directly interact with customers.

Service-Product Mix

The combination of services and products that a company offers to its customers, often used to diversify offerings and target different market segments.