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Accy

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A Comprehensive Example Arlington Security System experienced the following transac8ons in October of 2009: 10/1: Made cash sales of $2,000 for its inventory (security equipment) cosCng $1,000 . 10/1: Paid rent for the quarter (October to December) in cash for $1,200. 10/1: Signed contract with Arlington Apartments to provide service for the three months starCng October and will receive $1,500 on December 31st. 10/10: Purchased inventory on account for $500. 10/12: Collected from clients receivables of $850. 10/15:The company pays its employees half month salary of $500.

10/18: Pays back suppliers for $900 cash. 10/20: Signed security contract with a client for one year service starCng immediately for a monthly rate of $900, payable on the 20th of each month. The client made the first monthly payment upon signing the contract. Addi$onal informa$on: • The pay days are the 15th and the last day of each month. 10/31 falls on a Saterday, so the second wage payment of October is done on 11/2. • 10/30 is the last day of the two-­‐month service contract signed with a client on 9/1. Arlington received $600 lump sum...

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