(Solution) Assignment for Chapter 5

(Solution) Assignment for Chapter 5 - Assignment for...

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Assignment for Chapter 5 Question 1 (a) Date Account Titles and Explanation Ref. Debit Credit Apr. 5 Merchandise Inventory 120 6,000 Accounts Payable 201 6,000 7 Merchandise Inventory 120 320 Cash 101 320 9 Accounts Payable 201 400 Merchandise Inventory 120 400 10 Accounts Receivable 112 4,400 Sales 401 4,400 Cost of Goods Sold 505 3,240 Merchandise Inventory 120 3,240 12 Merchandise Inventory 120 3,440 Accounts Payable 201 3,440 14 Accounts Payable ($6,000 – $400) 201 5,600 Merchandise Inventory ($5,600 X 2%) 120 112 Cash 101 5,488 17 Accounts Payable 201 240 Merchandise Inventory 120 240 20 Accounts Receivable 112 2,800 Sales 401 2,800 Cost of Goods Sold 505 1,960 Merchandise Inventory 120 1,960 21 Accounts Payable ($3,440 – $240) 201 3,200 Merchandise Inventory ($2,400 X 1%) 120 32 Cash 101 3,168 27 Sales Returns and Allowances 412 160 Accounts Receivable 112 160 30 Cash 101 4,000 Accounts Receivable 112 4,000
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(b) C a s h N o . 1 0 1 Date Explanation Ref. Debit Credit Balance Apr. 1 Balance 10,000 7 J1 320 9,680 14 J1 5,488 4,192 21 J1 3,168 1,024 30 J1 4,000 5,024 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Apr.
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This note was uploaded on 02/04/2012 for the course ACCT 2111 taught by Professor Eric during the Spring '11 term at CUHK.

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(Solution) Assignment for Chapter 5 - Assignment for...

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