Transactions; Financial Statements Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work...

Transactions; Financial Statements

Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2019, are as follows: Cash, $18,480; Accounts Receivable, $37,840; Supplies, $3,520; Land, $44,000; Accounts payable, $15,840. Business transactions during November are summarized as follows:

1. Beverly Zahn invested additional cash in the business with a deposit of $33,000 in the business bank account.


2. Purchased land adjacent to land currently owned by Bev’s Dry Cleaners to use in the future as a parking lot, paying cash of $16,600.


3. Paid rent for the month, $12,140.


4. Charged customers for dry cleaning revenue on account, $34,410.


5. Paid creditors on account, $14,170.


6. Purchased supplies on account, $6,070.


7. Received cash from cash customers for dry cleaning revenue, $32,380.


8. Received cash from customers on account, $40,480.


9. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $16,190.


10. Paid the following: wages expense, $8,910; truck expense, $3,240; utilities expense, $3,440; miscellaneous expense, $1,540.


11. Determined that the cost of supplies on hand was $8,170; therefore, the cost of supplies used during the month was $1,420.


12. Withdrew $9,300 cash for personal use.

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