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accounting exercise chap 6 7 - REVIEWCHAPTER7 Hoang Duong...

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REVIEW CHAPTER 7 E 7-32  Oct 2 purchased on account $27,000 of inventory with payment term 2/10n/30, and  paid 650 in cash to have it shipped from the vendor’s warehouse to the Orser  showroom. Perpetual Oct 2 Inventory 27,650 Account Payable 27,000 Cash      650 Oct 5 sold inventory costing 4,900 for 8,250 on account Oct 5 Cost of goods sold 4,900 Inventory 4,900 Account Receivable 8,250 Revenue 8,250 Oct 10, Paid 13,950 of accounts payable (from October 2 purchase) and received  the cash account. Account Payable 13,950 Hoang  Duong The Duong  Hanh  Nhung  Thuy  E6-25 E6-30 E6-32 E6-33 E 6-40 P6-58 E7-32 E7-35 P7-53 E7-45 E7-43 P7-54
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Cash 13,950 Oct 14  Returned two damage tables purchased on October 2 costing 550 each to the  vendor Account Payable 1100 Inventory 1100 (550 x2=1100) Oct 19 Received Payment of 4,650 from customers: Oct 19 Cash 4,650 Account Receivable 4,650 Oct 20 Paid the balance of the account from Oct 2 purchased
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accounting exercise chap 6 7 - REVIEWCHAPTER7 Hoang Duong...

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