Ask Experts Questions for FREE Help !
    4dQueenbee's Avatar
    4dQueenbee Posts: 1, Reputation: 1
    New Member

    May 31, 2008, 06:51 PM
    Determining an Ending Account Balance
    I need help in determining the end balance of this account below. I have tried an continue to get the wrong answer.

    Wilma's Accounting Services was organized on April 1, 2007. The company received a contribution of $1,700 from each of the three principal owners. During the month, Wilma's Accounting Services provided services for cash of $2,000 and services on the account for $790, received $430 from customers in payment of their accounts, purchased supplies on account for $950 and equipment on account for $1,570, received a utility bill for $270 which will not be paid until July, paid the full amount due on the equipment. What should the company's Cash balance be on April 30, 2007.

    I said that is should be $10,700 but was told that it was wrong.:confused:
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member

    May 31, 2008, 08:44 PM
    I'm getting $9100, which is a 1600 difference, which means nothing on the surface.

    Can't tell you what you're doing wrong if you don't show how you got $10,700. I will check your work, but I won't do the problem for you.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Computing the ending balance in the allowance for uncollectable accounts? [ 1 Answers ]

I am looking for help with the following questions, I have myself very confused with the credits/debits, can someone help with these study questions and explain how the answer is arrived at:confused: :confused: Would the answer for a) be $2,320? Compute the ending balance in the allowance for...

Ending inventory balance [ 1 Answers ]

Optima Corporation applies the lower of cost or market rule for inventory valuation purposes on an individual product basis. On December 31 2006, the following data was available for its two products: Product Quantity Cost/unit Market/unit VHS 100 $5.00 $3.20 DVD ...

Ending balance of a capital account [ 1 Answers ]

How do you determine the ending balance of a capital account?

View more questions Search