Chapter 05 - Exercise 5-1 Apr 2 Merchandise Inventory...

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Exercise 5-1 Apr. 2 Merchandise Inventory. ................................................... 3,600 Accounts Payable—Blue. ........................................ 3,600 Purchased merchandise on credit. 3 Merchandise Inventory. ................................................... 200 Cash. .......................................................................... 200 Paid shipping charges on purchased merchandise. 4 Accounts Payable—Blue. ................................................. 600 Merchandise Inventory. .......................................... 600 Returned unacceptable merchandise. 17 Accounts Payable—Blue. ................................................. 3,000 Merchandise Inventory. .......................................... 60 Cash. .......................................................................... 2,940 Paid balance (less 2%) within discount period. 18 Merchandise Inventory . .................................................. 7,500 Accounts Payable—Fox. .......................................... 7,500 Purchased merchandise on credit. 21 Accounts Payable—Fox. ................................................... 2,100 Merchandise Inventory . ......................................... 2,100 Received an allowance on purchase. 28 Accounts Payable—Fox. ................................................... 5,400 Merchandise Inventory. .......................................... 108 Cash. .......................................................................... 5,292 Paid balance (less 2%) within discount period.
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Exercise 5-2 1. BUYER Credit Purchase Merchandise Inventory. .................................................. 22,000 Accounts Payable. ................................................... 22,000 Purchased merchandise on credit. Cash Payment Accounts Payable. ............................................................ 22,000 Merchandise Inventory. ......................................... 660 Cash. ........................................................................ 21,340 Paid account payable within 3% discount period. 2. SELLER Credit Sale Accounts Receivable. ....................................................... 22,000 Sales. ........................................................................ 22,000 Sold merchandise on account. Cost of Goods Sold . ........................................................ 15,000 Merchandise Inventory . ........................................ 15,000 To record cost of sale. Cash Collection Cash. ................................................................................. 21,340 Sales Discounts. ................................................................ 660 Accounts Receivable. .............................................. 22,000 Collected account receivable. 3.
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This note was uploaded on 06/29/2008 for the course ACCT 220 taught by Professor William during the Spring '08 term at University of Findlay.

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Chapter 05 - Exercise 5-1 Apr 2 Merchandise Inventory...

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