Exercise 6.12

Exercise 6.12 - Add: Purchases Cost of Goods Available Less...

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Part A & B General Journal Debit Jan 2 Cash 117,000 Sales 2 Cost of Goods Sold 90000 Inventory Sold telescope costing 90,000 to Central St Univ. for 117,000. 5 Inventory 50,000 Accounts Payable(Lunar Optics) Purchased merchandise on account full payment due in 30 days 90,000, plus 50,000) Part C Debit Jan 2 Cash 117,000 Sales Sold Telescope to Central St Univ 5 Purchases 500000 Acounts Payale(Lunar Optics) Bought merchandise on account payment due in 30 days Part D Inventory Jan 1
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Unformatted text preview: Add: Purchases Cost of Goods Available Less Inventory Jan 7 Cost of Goods Sold Part E Although Sky Probe does not make a lot of transactions on a daily basis requiring the need for a perpetual system, they do buy and sell high dollar items so it is crucial that mangament knows exactly where each piece of there inventory is. 210,000 (250,000 beginning balance, less Credit 117,000 90000 50,000 Credit 117,000 50,000 250,000 50,000 300,000 210,000 90,000...
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This note was uploaded on 12/18/2010 for the course BME 254788 taught by Professor Mitchell during the Spring '10 term at SUNY Albany.

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Exercise 6.12 - Add: Purchases Cost of Goods Available Less...

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