Accounting tutor Question chap 7-8 HD - E7-32Oct

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: E7-32Oct 2Inventory................................27,650Cash......................................................650Account Payable...............................27,000Purchased inventory ($27,000) and paid for shipping ($650)Oct 5Cost of Goods Sold..................4,900Inventory...........................................4,900To record the cost of goods soldAccount Receivable..................8250Revenue..............................................8250To record the revenueOct 10Account Payable....................13,950Inventory..........................................279 ($13,950*2% = $279)Cash..................................................13,6710ct 14Account payable......................1,100Inventory ($550 x 2)..........................1,100To return 2 tables ($550 x 2)Oct 19Cash.........................................4,560Account Receivable...........................4,650To receive payment from customerOct 20Account Payable....................11,950Cash..................................................11,950Paid for account payable on Oct 2Oct 22Cost of Goods sold...................3,800Inventory...........................................3,800To record the cost of goods sold...
View Full Document

This note was uploaded on 06/20/2011 for the course ECON 123 taught by Professor Mrews during the Spring '11 term at Korea Advanced Institute of Science and Technology.

Page1 / 5

Accounting tutor Question chap 7-8 HD - E7-32Oct

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online