On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000. Friday, April...
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Accounting
On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000. Friday, April 3, Bravo paid employee wages of $5,000 for the week. Prepared the general journal entry (without explanation) needed for March 31, 20X1.
During 2018, Towson Company had credit sales of $52,000 and cash sales of $15,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $59,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $3,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number.
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