chpt 8 hw sol

chpt 8 hw sol - Chapter 8 Homework Solutions Exercise 8-8...

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Unformatted text preview: Chapter 8 Homework Solutions Exercise 8-8 Requirement 1 Purchase price = 100 units x $500 = $50,000 x .70 = $35,000 November 17, 2006 Purchases.................................................................... 35,000 .......................................................Accounts payable .........................................................................35,000 November 26, 2006 Accounts payable ...................................................... 35,000 ..................................................Purchase discounts ( 2% x $35,000) .................................................................................... 700 ......................................................................Cash (98% x $35,000) .................................................................................... 34,300 Requirement 2 December 15, 2006 Accounts payable....................................................... 35,000 ............................................................................Cash .........................................................................35,000 Exercise 8-8 (concluded) Requirement 3 Requirement 1: November 17, 2006 Purchases (98% x $35,000) ............................................ 34,300 .......................................................Accounts payable .........................................................................34,300....
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This note was uploaded on 07/08/2009 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at George Mason.

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chpt 8 hw sol - Chapter 8 Homework Solutions Exercise 8-8...

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