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H3Ko H3Ko
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7 years ago
Sharon Foods, Inc. reported the following transactions for September 2017.

a)   The business received $22,000 cash and issued common stock. It was credited to Common Stock.
b)   The business purchased office equipment for $9,000 for which $2,500 cash was paid and the balance was put on a note payable.
c)   Paid insurance expense of $1,500 cash.
d)   Paid the September utility bill for $900 cash.
e)   Paid $1,500 cash for September rent.
f)   The business had sales of $11,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales.
g)   The business paid $8,000 cash for office furniture.

What are the total liabilities at the end of September, 2017?
A) $9,000
B) $1,500
C) $11,000
D) $6,500
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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#3
3 years ago
thanks
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