E7-32 - E7-32 Oct 2...

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Unformatted text preview: 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.........................................4,560 Account Receivable........................... 4,650 To receive payment from customer Oct 20 Account Payable....................13,050 Cash..................................................13,050 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 27000 4900 1100 3800 1800 31,000 ...
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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.

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E7-32 - E7-32 Oct 2...

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