TUTOR QUESTIONS FOR CHAPTER 7,8 - TUTOR QUESTIONS FOR...

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TUTOR QUESTIONS FOR CHAPTER 7, 8 Accounting I Instructor: Dr. Nguyen The Loc Tutor: Minh, MBA Group Members: Dang The Duong Vu Hoang Duong Nguyen Thi My Hanh Lam Vu Truc Thuy Pham Tuyet Nhung
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E7-32 (p.373) 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 . .......................................... 1,100 To return 2 tables ($550 x 2)
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Oct 19 Cash. .............................................................. 4,560 Account Receivable. ........................... 4,650 To receive payment from customer Oct 20 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
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Inventory 12,000 27,650 279 4,900 1,100 3,800 1,800 31,371 The balance in the inventory in the End of October is 31,371 E 7-35 (p.327) Journalizing Inventory Transactions 1. Journal Entries (periodic method) Jan. 24 Purchases. ...................................................... $18,000 Accounts Payable. .............................. 18,000 (Purchase inventory on credit, 2/10, n/30) Jan. 30 Accounts Payable. ......................................... 18,000 Purchase Discounts. ............................ 360 Cash. ................................................... 17,640 (Pay off the debt from the Jan. 24 purchase) Mar. 14 Purchases. ...................................................... 140,000 Accounts Payable. .............................. 140,000 (Purchase inventory on credit, 2/10, n/30)
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Freight in. ...................................................... 1,150 Cash. ................................................... 1,150
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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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TUTOR QUESTIONS FOR CHAPTER 7,8 - TUTOR QUESTIONS FOR...

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