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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 Owner’s Equity, Total Assets and Total Liabilities....
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This note was uploaded on 03/21/2010 for the course BUSA 1234 taught by Professor All during the Fall '09 term at UT Arlington.
- Fall '09