This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: You should be able to do the following: 1. Enter beginning balances in the t-accounts for the month. 2. Journal entries for purchasing inventory on account, selling to customers on account, receiving cash from customers with sales discounts and paying cash to vendors with purchases discounts. 3. Adjusting entries for prepaid expenses, accruals (such as accrued interest or accrued salaries), and depreciation. 4. How to post the adjusting journal entry for inventory into the t-accounts. 5. How to compute Net Sales, Gross Profit, Net Income, Ending Owners Equity, Total Assets and Total Liabilities....
View Full Document
- Fall '09