Key+to+Fall+2010+Exam+3+TSA

Key+to+Fall+2010+Exam+3+TSA - Key to Exam 3 I. Multiple...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Key to Exam 3 I. Multiple choice 1 A 2 A 3 D 4 B 5 D 6 D 7 A 8 D 9 B 10 A II. Merchandising operations Sept. 4 Merchandise Inventory . .................................................... 1,000 Accounts Payable . .................................................. 1,000 6 Accounts Payable . ........................................................... 100 Merchandise Inventory . ........................................... 100 9 Accounts Receivable . ...................................................... 800 Sales . ...................................................................... 800 Cost of Goods Sold . ......................................................... 500 Merchandise Inventory . ........................................... 500 12 Accounts Payable ($1,000 - $100) . .................................. 900 Cash ($900 × .98). .................................................. 882 Merchandise Inventory ($900 × .02) . ...................... 18 III. Inventory accounting 1. Ending inventory: 300*8 + 25*7 = 2,575
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/16/2010 for the course ACCT 2101 taught by Professor Turner during the Spring '08 term at Georgia Institute of Technology.

Page1 / 3

Key+to+Fall+2010+Exam+3+TSA - Key to Exam 3 I. Multiple...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online