Bravo Company had a beginning Accounts Receivable account balance of $380. During the period Bravo’ sold goods on account for $1,400.
Question
1.Bravo Company had a beginning Accounts Receivable account balance of $380. During the period Bravo’
sold goods on account for $1,400. Ending Accounts Receivable had a $630 balance. How much was collected on account during the period?
2.Bravo Company purchased goods on account for $4,500, paid $2,300 of Accounts Payable, and had an ending Accounts Payable balance of $16,890. How much was beginning Accounts Payable?
3.Bravo Automotive provided repair services for $250 on account. What account will be debited?
4.The balance sheet of Bravo Corporation contains the following list of assets: Cash $8,500,000; Land, $4,700,000; Buildings, $1,300,000; and Other Assets, $200,000. Bravo’ only debt is $2,070,000 owed to a bank. What is Bravo’ stockholders’ equity?
5.The balance sheet of Bravo Corporation contains the following list of assets: Cash $8,500,000; Land, $4,700,000; Buildings, $1,300,000; and Other Assets, $200,000. Bravo’ only debt is $2,070,000 to a bank. How much will stockholders’ equity change when Bravo borrows $300,000 to purchase equipment?
6.On January 5, 2016, Charlie Company purchased equipment on account for $15,000. The equipment was purchased for $5,000 with cash and the remainder was on account. Prepare the compound general journal entry (without explanation) needed.
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