Firefox File Edit View History Bookmarks Tools Window Help (2 unread).docx - Firefox File Edit View History Bookmarks Tools Window Help(2 unread

Firefox File Edit View History Bookmarks Tools Window Help (2 unread).docx

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Firefox File Edit View History Bookmarks Tools Window Help (2 unread) - [email protected] X National University Apps x 3: Inventory's Impact on Financ X 3: Accounting for inventory and X 70% 1 Thu Nov 28 12:21 AM Q E How to take a screenshot on yo x + NO @ = TOE + C O A 80% * 3: Inventory's Impact on Financial Statements Help Save & Exit Submit You skipped this question in the previous attempt. Check my work At the begunung UI ZUID, the rewu Lupany nou the Tulluwing walances in its accurls: Investory Retu..nd warningu During 2018, the company experienced the following events: 1. Purchased Inventory that cost $5,500 on account from Redd Company under terms 2/10, 1/30. The merchandise was delivered Foo shipping point Freight costs of $510 were paid in cash. 2. Returned $300 of the inventory that it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Redd Company
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Unformatted text preview: within the cesh discount period. 4. Sold inventory that had cost $6,100 for $9,100 on account, under terms 270, 7:45. 5. Received merchandise returned from a customer. The merchandise originally cost $510 and was sold to the customer for $810 cash. The customer was paid $810 cash for the returned merchandise. 6. Delivered goads FOB destination in Event 4. Freight casts of $610 were paid in cash. 7. Collected the amount due on the account receivable within the cliscount period. 8. Took a physical count inclicating that $1.000 af inventory was on hand at the end of the accounting period. Required a. Identify these events as esset source (AS), esset use (AU), asset exchange (AE), or claims exchange (CE) (Select "NA" if there is no effect on the "Classification") Classification Event 1a. Purchase inventory) 1b. (Shipping cost). 1a (Recording revenue) 4b. (Recording cost of goods sold). 5a (Reversing revenge 4b. (Reversing cost of good old) < Prev 1 2 3 5 Next > CHAT...
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  • Spring '17
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