Analysis of Accounts
Answer the following questions:
1. If office supplies on hand amounted to $3,500 at the beginning of the period and total purchases of office supplies during the period amounted to $18,000, determine the ending balance of office supplies on hand if office supplies expense for the period amounted to $19,500.
2. If beginning and ending accounts receivable were $22,000 and $26,000, respectively, and total sales made on account for the period amounted to $73,000, determine the amount of cash collections from customers on account for the period.
3. Assume all rent revenues are received in advance and accounted for as unearned rent, and beginning and ending balances of unearned rent are $4,000 and $4,500, respectively. If total rent revenue for the period amounts to $18,000, determine the amount of rent collections in advance for the period.