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

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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
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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).
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