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: Purchases 19,060 To adjust inventory, close the purchases account, and record cost of goods sold. 2. Inventory 22,000 Cash 500 Accounts payable 21,500 Record purchased merchandise Accounts payable 3,000 Inventory 3,000 Record return of merchandise Accounts payable 18,500 Cash 18,500 Paid for purchased merchandise Accounts receivable 28,000 Sales revenue 28,000 Record sales Cost of goods sold 18,000 Inventory 18,000 Record COGS...
View Full Document
This note was uploaded on 09/08/2010 for the course ACCOUNTING 320 taught by Professor Hickman during the Spring '10 term at Heidelberg.
- Spring '10