ACC201 - Week3 HW

ACC201 - Week3 HW - 2010 Jul.1 AccountTitlesandExplanation

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Account Titles and Explanation PR Debit Credit Jul. 1 Merchandise Inventory 6400      Accounts payable-Arch 6400 Jul. 2 Accounts receivable-Driver 900      Sales 900 Jul. 2  Cost of goods sold 533      Merchandise Inventory 533 To record the cost of Jul. 2 sale Jul. 3 Merchandise Inventory 130      Cash 130 Paid freight costs on purchased merchandise Jul. 1 Jul. 8 Cash 2100      Sales 2100 Sold Merchandise for cash Jul. 8 Cost of goods sold 1700      Merchandise inventory 1700 To record the cost of Jul. 8 sale Jul. 9 Merchandie Inventory 2200      Accounts payable-Kew 2200 Jul. 11 Accounts payable-Kew 200      Merchandise inventory 200 Returned Merchandise to seller Jul. 12 Accounts payable-Driver 900      Merchandise Inventory 9      Cash 891 Jul. 16 Accounts payable 6400 Purchased merchandise on credit, invoice dated Jul.  1, terms 1/15, n/30, FOB shipping point Sold merchandise under terms 1/10, n/60, FOB  shipping point Purchased merchandise on credit, invoice dated Jul.  9, terms 1/15, n/60, FOB destination
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This note was uploaded on 03/18/2011 for the course ACC 201 taught by Professor Pendarvis during the Spring '09 term at St. Leo.

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ACC201 - Week3 HW - 2010 Jul.1 AccountTitlesandExplanation

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