Ch6 Homework unproctoredTest

Ch6 Homework unproctoredTest - Homework Manager - Financial...

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Online Homework System Assignment Worksheet 7/6/08 - 8:16 PM Name: ____________________________ Class: Financial Accounting ACCT 116A - Tuttle (Summer2) Class #: ____________________________ Section #: ____________________________ Instructor: Tracy Tuttle Assignment: Chapter 6 Homework Question 1: (2 points) Exercise 6.2: Effects of Basic Merchandising Transactions L.O. 1 Shown below are selected transactions of Konshock's, a retail store that uses a perpetual inventory system. a. Purchased merchandise on account. b. Recognized the revenue from a sale of merchandise on account. (Ignore the related cost of goods sold.) c. Recognized the cost of goods sold relating to the sale in transaction b . d. Collected in cash the account receivable from the customer in transaction b . e. Following the taking of a physical inventory at year-end, made an adjusting entry to record a normal amount of inventory shrinkage. Indicate the effects of each of these transactions on the elements of the company's financial statements shown below. Use the code letters I for increase, D for decrease, and NE for no effect. Ex. 6.2 Income Statement Balance Sheet Transaction Net Sales - Cost of Goods Sold - All Other Expenses = Net Income Assets = Liabilities + Owners' Equity a __________ __________ __________ __________ __________ __________ __________ b __________ __________ __________ __________ __________ __________ __________ c __________ __________ __________ __________ __________ __________ __________ d __________ __________ __________ __________ __________ __________ __________ e
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This note was uploaded on 09/24/2008 for the course ACCT 116A taught by Professor Tuttle during the Summer '08 term at San Diego.

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Ch6 Homework unproctoredTest - Homework Manager - Financial...

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