KIMMEL_Acct_2e_ProblemCSolutions_ch05

Accounting: Tools for Business Decision Making

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Unformatted text preview: SOLUTIONS TO PROBLEMS PROBLEM 5-1C (a) General Journal Date Account Titles Debit Credit Oct. 1 Merchandise Inventory...................................... Accounts Payable....................................... 4,800 4,800 2 Accounts Receivable......................................... Sales............................................................. Cost of Goods Sold............................................ Merchandise Inventory............................... 3,900 2,400 3,900 2,400 5 Accounts Payable............................................... Merchandise Inventory............................... 600 600 9 Cash ($3,900 $78)............................................. Sales Discounts ($3,900 X 2%).......................... Accounts Receivable.................................. 3,822 78 3,900 10 Accounts Payable ($4,800 $600).................... Merchandise Inventory............................... ($4,200 X 1%) Cash............................................................. 4,200 42 4,158 11 Supplies............................................................... Accounts Payable....................................... 750 750 12 Merchandise Inventory...................................... Cash............................................................. 2,100 2,100 15 Cash..................................................................... Merchandise Inventory............................... 200 200 17 Merchandise Inventory...................................... Accounts Payable....................................... 2,500 2,500 5-1 PROBLEM 5-1C (Continued) General Journal Date Account Titles Debit Credit Oct. 19 Merchandise Inventory...................................... Cash............................................................. 310 310 24 Cash..................................................................... Sales............................................................. Cost of Goods Sold............................................ Merchandise Inventory............................... 6,900 4,510 6,900 4,510 25 Merchandise Inventory...................................... Accounts Payable....................................... 1,000 1,000 27 Accounts Payable............................................... Merchandise Inventory............................... ($2,500 X 2%) Cash............................................................. 2,500 50 2,450 29 Sales Returns and Allowances......................... Cash............................................................. Merchandise Inventory...................................... Cost of Goods Sold.................................... 190 134 190 134 31 Accounts Receivable............................................
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KIMMEL_Acct_2e_ProblemCSolutions_ch05 - SOLUTIONS TO...

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