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...
View Full Document
- Spring '17