ACC205,week3,discussions

ACC205,week3,discussions - ACC205:Week3 Discussion Topic 1...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC205:Week3: Discussion Topic 1: Purchases, Sales, and Inventory Items. From chapter 5, complete E5-17 and E5-19 and post to the discussion board by day 3. Complete all parts of the problems and report back to the group the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome. Respond to at least two of your classmates’ postings. Problem E5-17: Journalize, without explanations, the following transactions of Soul Art Gift Shop during the month of February: (pp. 256-264). Date Account Title Debit Credit Feb. 3 Inventory 2,000 Accounts Payable 2,000 Feb. 7 Accounts Payable 300 Inventory 300 Feb. 9 Inventory 50 Cash 50 Feb. 10 Accounts Receivable 3,100 Sales Revenue 3,100 Feb. 10 Cost of Goods Sold 1,700 Inventory 1,700
Image of page 1

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

View Full Document Right Arrow Icon
Feb. 12 Accounts Payable 1,700 Cash (1700 x 0.98) 1,666 Inventory (1700 x 0.02) 34 Feb. 16 Sales Returns and Allowances 500 Accounts Receivable 500 Feb. 23 Cash 2,522 Sales Discounts (2600 x .03) 78 Accounts Receivable 2,600 Problem E5-19: Supply the missing income statement amounts in each of the following situations: (p. 270).
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern