Sleek ride a company providing limo services has a december, Ask an Expert

Accounting

Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June:

a. Purchased, on credit, space for class?ed advertisements in the New York Times for $1,950. The advertising was run the day the space was purchased.

b. Purchased of?ce supplies from Of?ce Max on credit in the amount of $475.

c. One of Sleek Ride's sales staff signed a $20,000 contract to provide exclusive limo services for a large company for the remainder of the month. The salesperson's commission is 10% of service revenue. The commission will be paid July 10.

d. Received electric bill for May. The bill is $4,200 and is due June 15.

e. Received a bill for $970 from Harry's Auto. Harry's repaired 10 limos for Sleek Ride in late May. Payment is due June 18.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968891

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