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Accounting tutor Question chap 7-8 HD

# Accounting tutor Question chap 7-8 HD - E7-32 Oct 2...

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E7-32 Oct 2 Inventory ................................ 27,650 Cash ...................................................... 650 Account Payable ............................... 27,000 Purchased inventory (\$27,000) and paid for shipping (\$650) Oct 5 Cost of Goods Sold .................. 4,900 Inventory ........................................... 4,900 To record the cost of goods sold Account Receivable .................. 8250 Revenue .............................................. 8250 To record the revenue Oct 10 Account Payable .................... 13,950 Inventory .......................................... 279 (\$13,950*2% = \$279) Cash .................................................. 13,671 0ct 14 Account payable ...................... 1,100 Inventory (\$550 x 2) .......................... 1,100 To return 2 tables (\$550 x 2) Oct 19 Cash ......................................... 4,560 Account Receivable ........................... 4,650 To receive payment from customer Oct 20

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Account Payable .................... 11,950 Cash .................................................. 11,950 Paid for account payable on Oct 2 Oct 22 Cost of Goods sold ................... 3,800 Inventory ........................................... 3,800 To record the cost of goods sold Account Receivable ................. 5,200 Revenue ............................................. 5,200 To record the revenue Oct 24 Sales Returns ........................... 3,250 Account Receivable ........................... 3,250 Inventory .................................. 1,800 Cost of Goods sold ............................. 1,800 To record the sales returns \$3,250 and cost of goods sold \$1,800 Inventory 12,000 27,650 27 9 4,900 1,100 3,800 1,800 31,371 The balance in the inventory in the End of October is 31,371
P8-42 MORIANCUMER, Inc. INCOME STATEMENT For the Year Ended December 31, 2009 Revenue gross sales revenue 4,230,000 Less Sales Return 8,000 Net sales Revenue 4,222,000 Cost of Goods Sold 3,116,000 Gross Margin 1,106,000

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Accounting tutor Question chap 7-8 HD - E7-32 Oct 2...

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