Chapter 3 Homework - Exercises E3-15 Alatorre Eduard o Compa ny Compa ny Sales $90,00 $100 000 Sales returns 9,000 5,000 Net sales 81,000 95,000

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Chapter 3: The Accounting Information System Tiffany Watt Homework September 15, 2010 AC 301 – 01   Brief Exercises BE3-1 General Journal Date Account Titles Debi t Credi t 2010 May 1 Cash $3,00 0 Common Stock $3,00 0 3 Equipment $1,10 0 Accounts Payable $1,10 0 13 Rent Expense $400 Cash $400 21 Accounts Receivable $500 Revenue $500 BE3-9 General Journal Date Account Titles Debi t Cred it 2010 Aug. 31 Interest Expense $400 Interest Payable $400 31 Accounts Receivable $1,4 00 Service Revenue $1,40 0 31 Salaries Expense $700
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Chapter 3: The Accounting Information System Tiffany Watt Homework September 15, 2010 AC 301 – 01   Salaries Payable $700 31 Bad Debt Expense $900 Allowance for Doubtful Accounts $900
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Chapter 3: The Accounting Information System Tiffany Watt Homework September 15, 2010 AC 301 – 01
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Unformatted text preview: Exercises E3-15 Alatorre Eduard o Compa ny Compa ny Sales $90,00 $100, 000 Sales returns 9,000 5,000 Net sales 81,000 95,000 Cost of goods sold 56,000 57,00 Gross profit 25,000 38,000 Operating expenses 15,000 23,000 Net income 10,000 15,000 E3-17 Cost of goods sold Inventory, August 1 $17,50 Purchases $149,4 00 Less: Purchases returns and allowances 2000 Purchase discounts-0-2,0 00 Net purchases 147,4 00 Plus: Freight-in 4,0 00 Cost of goods purchased 151,4 00 Cost of goods available for sale 168,9 00 Less: Inventory, August 31 25,0 00 Cost of goods sold $143,9 00 Chapter 3: The Accounting Information System Tiffany Watt Homework September 15, 2010 AC 301 – 01...
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This note was uploaded on 09/01/2011 for the course BUSINESS 101 taught by Professor - during the Spring '11 term at Mississippi Valley State University.

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Chapter 3 Homework - Exercises E3-15 Alatorre Eduard o Compa ny Compa ny Sales $90,00 $100 000 Sales returns 9,000 5,000 Net sales 81,000 95,000

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