DBAACC1010_Principles of Accounting I_HWTemplates_M3_M5M6.xlsx

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Baker CollegeACC 1010 Principles of Accounting IProblem 5-1Problem set AOn the seller's booksGeneral JournalDescriptionDebitCredit8-Mar Accounts receivable14,0008-MarSales revenue14,000sold merchandise8-Mar cost of goods sold9,60010-MarInventory9,600sold merch with terms of 2/10, n/3012-Mar Sales returns and allowances2,00012-MarAccounts receivable2,000Merchandise return12-Mar17-MarInventory1,600Cost of goods sold1,600Merchandise return17-Mar Cash11,76020-Marsales discount (12000x 2 %)240Accounts receivable (14000-2000)12,000Recieved full payment from march 8 sale20-Mar Sales returns and allowances800sales discount16Cash784Returmed goods and issued a checkreferencereference
20-Mar Inventory600Cost of goods sold600Returmed goods and issued a check
On the buyer's booksGeneral JournalDescriptionDebitCreditInventory14,000Accounts payable14,000bought merchandiseInventory500Cash500Paid freight chargesAccounts payable2,000inventory2,000Returned merchandiseAccounts payable12,000Inventory240Cash11,760Paid full amount from march 8 purchasecash784inventoy784Returned goods

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Term
Spring
Professor
Roger Powell

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