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Accounting 101 Exercises .docx - Exercise 1 Journal Date...

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Exercise 1JournalDateDescriptionPost.RefDebitCreditMay. 1Rent expense5315,000Cash1105,000May. 3Inventory11535,280Accounts payable-Martin Co[$36,000-($36,000 x 2%)]21035,280May. 4Inventory115600Cash110600May. 6Accounts receivable-Korman Co[$68500-($68500 x 2%)]11267,130Sales41067,130Cost of goods sold51041,000Inventory11541,000May. 7Cash11022,300Accounts receivable-Halsted Co11222,300May. 13Accounts receivable-Martin Co21035,280Cash11035,280May. 16Cash11067,130Accounts receivable-Korman Co11267,130May. 19Inventory11518,700Cash11018,700May. 19Accounts payable-Buttons Co21033,450Cash11033,450May. 20Customers refunds payable-Korman21213,230Cash11013,230Inventory1158,000Estimated returns inventory1168,000
May. 20Accounts receivable-Crescent Co[$110-($110 x 1%)]112108,900Sales410108,900Cost of goods sold51070,000Inventory11570,000May. 21Accounts receivable-Crescent Co1122,300Cash1102,300May. 21Cash11042,900Accounts receivable-Gee Co11242,900May. 21Inventory11587,120Accounts payable-Osterman Co21087,120May. 24Accounts payable-Osterman Co2104,950Inventory1154,950May. 26Customers refunds payable2127,500Cash1107,500Inventory1154,800Estimated returns inventory1164,800May. 30Accounts receivable-Turner Co[$78,750-($78,750-2%)]11277,175Sales41077,175Cost of goods sold51047,000Inventory11547,000May. 30Cash110111,200Accounts receivable-Crescent Co112111,200May.31Accounts payable-Osterman Co21082,170Cash11082,170Exercise 2

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Term
Fall
Professor
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Tags
Harshad number, Total Sales, Merchandise Sold, Accounts payable Martin Co

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