Acc281wk2HW - Exercise 5-3 Sept. 6 Merchandise Inventory...

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Exercise 5-3 Sept. 6 Merchandise Inventory (80 *$20) 1600 Cash 1600 9 Merchandise Inventory 80 Cash 80 10 Accounts Payable 42 Merchandise Inventory 42 12 Accounts Receivable (26*$31) 806 Sales 806 Cost of Goods Sold (26*$21) 546 Merchandise Inventory 546 14 Sales Returns and Allowances 31 Accounts Receivable 31 Merchandise Inventory 21 Cost of Goods Sold 21 20 Accounts Receivable (30*$31) 930 Sales 930 Cost of Goods Sold (30*$21) 630 Merchandise Inventory 630
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E5-16 1. April 5 Purchases 20000 Accounts Payable 20000 2. April 6 Freight-in 900 Cash 900 3. April 7 Equipment 26000 Accounts Payable 26000 4. April 8 Accounts Payable 2800 Purchase Returns and Allowances 2800 5. April 15 Accounts Payable 17200 ($20,000-$2800) Purchase Discounts 400 ($20,000*2%) Cash 16800 (b) May 4 Accounts Payable 17200 ($20,000-$2800) 17200
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E6-7 (a) 1. FIFO Beginning inventory $10,000 Purchases 26000 Cost of goods available for sale 36000 Less: Ending inventory (80*$100) (8000) Cost of goods sold $28,000 2. LIFO
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This note was uploaded on 08/12/2010 for the course ACC ACC 281 taught by Professor Machuca during the Spring '10 term at University of Phoenix.

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Acc281wk2HW - Exercise 5-3 Sept. 6 Merchandise Inventory...

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