ch05(1) - Financial Accounting, 7th Edition Chapter 5...

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Financial Accounting , 7 th Edition Chapter 5 Homework E5-3, -5, -8, -9, -12 and -16*, P5-1A EXERCISE 5-3 Sept. 6 Merchandise Inventory (80 X $20). ................. 1,600 Cash. .......................................................... 1,600 9 Merchandise Inventory. ................................... 80 Cash. .......................................................... 80 10 Accounts Payable (2 X $21). ........................... 42 Merchandise Inventory. ........................... 42 12 Accounts Receivable (26 X $31). .................... 806 Sales. ......................................................... 806 Cost of Goods Sold (26 X $21). ....................... 546 Merchandise Inventory. ........................... 546 14 Sales Returns and Allowances. ..................... 31 Accounts Receivable. .............................. 31 Merchandise Inventory. ................................... 21 Cost of Goods Sold. ................................ 21 20 Accounts Receivable (30 X $31). .................... 930 Sales. ......................................................... 930 Cost of Goods Sold (30 X $21). ...................... 630
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........................... 630 EXERCISE 5-5 (a) 1. Dec. 3 Accounts Receivable. ...................... 500,000 Sales. ......................................... 500,000 Cost of Goods Sold. ......................... 350,000 Merchandise Inventory. ........... 350,000 2. Dec. 8 Sales Returns and Allowances. ...... 27,000 Accounts Receivable. .............. 27,000 3. Dec. 13 Cash ($473,000 – $9,460). ................ 463,540 Sales Discounts [($500,000 – $27,000) X 2%]. ........ 9,460 Accounts Receivable ($500,000 – $27,000). ............. 473,000 (b) Cash. ........................................................................... 473,000 Accounts Receivable ($500,000 – $27,000). ...................................... 473,000
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ch05(1) - Financial Accounting, 7th Edition Chapter 5...

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