Chapter 5 week 3 E5-17

Chapter 5 week 3 E5-17 - E5­17 Soul Art Gift Shop Feb 3...

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Unformatted text preview: E5­17 Soul Art Gift Shop Feb 3 Inventory $ 2,000 Accounts Payable $ 2,000 Purchased inventory on account Feb 7 Accounts Payable $ 300 Inventory $ 300 Returned inventory to seller $ 2,000 Feb 9 Inventory $ 50 Cash $ 50 Paid a freight bill Feb 10 Accounts Receivable $ 3,100 Sales revenue $ 3,100 Sale on account Feb 10 Cost of Goods Sold $ 1,700 Inventory $ 1,700 Recorded cost of goods sold Feb 12 Accounts Payable $ 2,000 Cash (2000 x 0.98) $ 1,960 Inventory (2000 x .02) $ 40 Paid within discount period Feb 16 Sales & Return Allowances $ 500 Accounts Receivable $ 500 Granted a sales allowance Feb 23 Cash $ 2,522 Sales Discounts (2600 x 0.03) $ 78 Accounts Receivable $ 2,600 Cash Collection withn the discount period ...
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This note was uploaded on 06/13/2011 for the course ACC 205 taught by Professor Robertcarr during the Spring '10 term at Ashford University.

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Chapter 5 week 3 E5-17 - E5­17 Soul Art Gift Shop Feb 3...

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