Question:

Can someone help, Colo Company?

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Assume it is Monday, May 1, the first business day of the month, and you have just been hired

as the accountant for Colo Company, which operates with monthly accounting periods. All of the

company’s accounting work is completed through the end of April and its ledgers show April 30 balances.

During your first month on the job, the company experiences the following transactions and

events (terms for all its credit sales are 210, n30 unless stated differently):

May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use

two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space

and the balance to Rent Expense—Office Space.)

2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).

2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold

on April 28 and returned for credit. The total selling price (gross) was $4,725.

3 Received a $798 credit me

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1 ANSWERS


  1. I've sent the Excel file to the email address you gave me.

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