P5-1B[1] - Problem 5-1B (40 minutes) May 2 Merchandise...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Problem 5-1B (40 minutes) May 2 Merchandise Inventory . .................................... 6,600 Accounts Payable—Pearl . ........................ 6,600 Purchased goods on credit, terms 3/15, n/30. 4 Accounts Receivable—Miller . .......................... 1,000 Sales . ........................................................... 1,000 Sold goods on credit, terms 3/10, n/60. 4 Cost of Goods Sold . .......................................... 550 Merchandise Inventory . ............................. 550 To record cost of the May 4 sale. 5 Merchandise Inventory . .................................... 120 Cash . ........................................................... 120 Paid freight on incoming goods. 9 Cash . ................................................................... 2,300 Sales . ........................................................... 2,300 Sold goods for cash. 9 Cost of Goods Sold . .......................................... 1,900 Merchandise Inventory . ............................. 1,900
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/29/2011 for the course ACCT 106 taught by Professor A during the Spring '11 term at Ohio State.

Page1 / 3

P5-1B[1] - Problem 5-1B (40 minutes) May 2 Merchandise...

This preview shows document pages 1 - 2. Sign up to view the full document.

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