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2AKey - Exam 3A Solutions to Practice Questions Part 1...

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Exam 3A Solutions to Practice Questions Part 1 Assets Liabilities Equity Ex. Cash -100 Retained Earnings -100 #8 1. Accounts Payable +40,000 R.E. -40,000 #4 2. Accounts Payable -10,000` R.E. +10,000 #6 3. Accounts Receivable +6,300 R.E. +6,300 #1 4. Cash -29,100 Accounts Payable -30,000 R.E. +900 #5 5. Cash Acct. Rec. +6,300 -6,300 6. 6,300 (no discounts, returns, or allowances) 7. Purchases 40,000 Less returns (10,000) Less discounts (900) Cost of purchases 29,100 (no allowances or transportation -in costs in this problem) 8. Beg, Inv (given) 5,000 + purchases 29,100 Goods available 34,100 - End. Inv. (32,000) COGS 2,100
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