ACCT #5 - Anna Odushkin ACCT#5 2 Date Explana±on Debi t...

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Anna Odushkin ACCT#5 2. Date Explanation Debi t Credit 6 Inventory 1650 Accounts Payable 1650 9 Inventory 50 Cash 50 10 Accounts Payable 66 Inventory 66 12 Accounts Receivable 690 Sales 690 12 Cost of Goods Sold 520 Inventory 520 14 Sales Returns and Allowances 45 Accounts Received 45 14 Cost of goods sold 34 Inventory 34 20 Accounts Receivable 760 Sales 760 20 Cost Of Goods sold 570 Inventory 570 3. Date Explanation Debit Credit 3 Accounts Receivable 500000 Sales 500000 3 Cost Of Goods Sold 330000 Inventory 330000 8 Sales Returns and allowances 25000 Accounts Receivable 25000 13 Cash 475000 Accounts Receivable 475000 B) Cash 475000 Accounts Receivable 475000
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8. GAVIN COMPANY Income statement For the year Ended December 31, 2014 Sales Sales Revenue 2210000 Less: Sales Discount 160000 Net Sales 2050000 Cost of goods sold 987000 Gross Profit 1063000 Operating expense Salaries and wages expenses 465000 Depreciation expense 310000 Utilities expense 110000 Total operating expenses 885000 Income from operations 178000 Other revenues and gains Interest revenue 65000 Other expenses and losses Loss on disposal of plant assets 83500
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