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E7-32 - E7-32 Oct 2 Inventory.27,650 Cash.650 Account...

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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 .............................................. 540 Cash .................................................. 13,410 Paid for the account payable $13,410 and record the sale discount $540 0ct 14 Account payable ...................... 1,100 Inventory ($550 x 2) .......................... 1,100 To return 2 tables ($550 x 2) Oct 19 Cash .........................................
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