Hinson 10-1 Recording Inventory Journal Entries

Hinson 10-1 Recording Inventory Journal Entries - Purchases...

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Intermediate Accounting I Assignment 10-1 Recording Inventory Journal Entries Jamie Hinson March 11, 2008 Problem 8-1 1. Purchases 22,000 Accounts payable 21,500 Cash 500 Record purchased merchandise Accounts payable 3,000 Returned merchandise 3,000 Record returned merchandise Accounts payable 18,500 Cash 18,500 Paid for purchased merchandise Sales revenue 18,000 Cash 10,000 Accounts receivable 28,000 Record sold merchandise Cost of goods sold 18,000 Inventory – end. 16,060 Inventory – beg 15,000
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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...
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