Matthew_McCoy_P8-3

Matthew_McCoy_P8-3 - Purchases 19,600 Accounts payable Aug....

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Matthew McCoy P8-3 Aug. 10 Purchases 12,000           Accounts payable Aug. 13 Accounts payable 1,200 Aug. 15 Purchases 16,000           Accounts payable Aug. 25 Purchases 20,000           Accounts payable Aug. 28 Accounts payable 16,000           Cash All purchases are listed as expenses or liabilities on the financial statements. The Purch end of the accounting or reporting period.   Aug. 10 Purchases 11,760           Accounts payable Aug. 13 Accounts payable 1,200 Aug. 15 Purchases 15,840           Accounts payable Aug. 25
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Unformatted text preview: Purchases 19,600 Accounts payable Aug. 28 Accounts payable 15,840 Purchase Discounts Lost 160 Cash Aug. 31 Purchase Discounts Lost 240 Accounts payable The purchases are listed as expenses or liabilities on financial statements, and the Purc Discounts Lost is reported under the "Other expenses and losses" section of the income statement. I prefer the gross method because it's somewhat simpler to record the transactions, and need to report any discounts lost that you would need to report under the net method. 12,000 1,200 16,000 20,000 16,000 hase ed at the 11,760 1,200 15,840 19,600 16,000 240 chase e d you don't...
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This note was uploaded on 09/24/2011 for the course ACCT 330 taught by Professor Sheik during the Spring '11 term at Mountain State.

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Matthew_McCoy_P8-3 - Purchases 19,600 Accounts payable Aug....

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