CH_8_BOOK_PROBLEMS_SOLUTIONS

CH_8_BOOK_PROBLEMS_SOLUTIONS - EXERCISE 8-9 (1525 minutes)...

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EXERCISE 8-9 (15–25 minutes) (a) Jan. 4 Accounts Receivable. ........................... 640 Sales (80 X $8). ............................. 640 Jan. 11 Purchases ($150 X $6.50). .................... 975 Accounts Payable. ....................... 975 Jan. 13 Accounts Receivable. ........................... 1,050 Sales (120 X $8.75). ...................... 1,050 Jan. 20 Purchases (160 X $7). ........................... 1,120 Accounts Payable. ....................... 1,120 Jan. 27 Accounts Receivable. ........................... 900 Sales (100 X $9). ........................... 900 Jan. 31 Inventory ($7 X 110). ............................. 770 Cost of Goods Sold. .............................. 1,925* Purchases ($975 + $1,120). ......... 2,095 Inventory (100 X $6). .................... 600 *($600 + $2,095 – $770)
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EXERCISE 8-9 (Continued) (b) Sales ($640 + $1,050 + $900). ................ $2,590 Cost of goods sold. ................................ 1,925 Gross profit. ............................................ $ 665 (c) Jan. 4 Accounts Receivable. ............................ 640 Sales (80 X $8). .............................. 640 Cost of Goods Sold. .............................. 480 Inventory (80 X $6). ....................... 480 Jan. 11 Inventory. ................................................ 975 Accounts Payable (150 X $6.50). .. 975 Jan. 13 Accounts Receivable. ............................ 1,050 Sales (120 X $8.75). ....................... 1,050 Cost of Goods Sold. .............................. 770 Inventory ([(20 X $6) + (100 X $6.50)]. ............................. 770 Jan. 20 Inventory. ................................................ 1,120 Accounts Payable (160 X $7). ...... 1,120 Jan. 27 Accounts Receivable. ............................ 900 Sales (100 X $9). ............................ 900 Cost of Goods Sold. .............................. 675
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This note was uploaded on 09/20/2011 for the course ACCT 301 taught by Professor Staff during the Spring '11 term at S.F. State.

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CH_8_BOOK_PROBLEMS_SOLUTIONS - EXERCISE 8-9 (1525 minutes)...

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