Lecture_10_HW_Solutions

Lecture_10_HW_Solutions - Lecture 10-HW Solutions 3-34...

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Unformatted text preview: Lecture 10-HW Solutions 3-34 (30-40 min.) The solutions to Requirements 1 through 3 are in the accompanying presentations. General Journal Post. Entry Accounts and Explanations Ref. Debit Credit a. Cash 26,000 Accounts receivable 26,000 Collected cash on accounts. b. Cash 60,000 Accounts receivable 50,000 Sales 110,000 Sales for cash and on credit. c. Cost of goods sold 50,000 Merchandise inventory 50,000 Cost of inventory that was sold to customers. d. Accounts payable 19,000 Cash 19,000 Disbursed cash on accounts owed to others. e. Merchandise inventory 64,000 Accounts payable 64,000 Replenished inventory. f. Selling expenses 33,000 Cash 33,000 Paid January selling expenses. 3-34 (continued) g. Rent expense 7,000 Cash 7,000 Paid January rent. h. Interest expense 1,000 Cash 1,000 Paid January interest expense. General Ledger Cash Accounts Payable Paid-in Capital Bal.* 36,000 (d) 19,000 (d) 19,000 Bal.* 35,000 Bal.* 39,000 (a) 26,000 (f) 33,000 (e) 64,000 (b) 60,000 (g) 7,000 Bal.Bal....
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Lecture_10_HW_Solutions - Lecture 10-HW Solutions 3-34...

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