ACC281 Excercise 5-4

ACC281 Excercise 5-4 - Class, Here is a solution that may...

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Unformatted text preview: Class, Here is a solution that may help with the assignment: EXERCISE 5-4 (a) June 10 8,000 8,000 11 Merchandise Inventory........................... Cash...................................................   400 Accounts Payable.................................... Merchandise Inventory................... Accounts Payable ($8,000 – $300)....... Merchandise Inventory...................   ($7,700 X 2%) Cash ($7,700 – $154).......................   400 Merchandise Inventory........................... Accounts Payable............................ 12   300 19   154 7,546 (b) June 10   300 7,700 Accounts Receivable............................. Sales.................................................. 8,000 Cost of Goods Sold................................ Merchandise Inventory.................. 8,000 5,000 5,000 12   300 Merchandise Inventory.......................... Cost of Goods Sold........................   150 Sales Returns and Allowances............ Accounts Receivable.....................   300   150 19 Cash ($7,700 – $154).............................. Sales Discounts ($7,700 X 2%)............ Accounts Receivable.....................   ($8,000 – $300) 7,546   154 7,700 ...
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ACC281 Excercise 5-4 - Class, Here is a solution that may...

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