Homework Answers
a)Accounts payable =Beginning +Purchase on credit - cash payment
=13400 + 77800 -47000
= 44200
b)Accounts receivable = Beginning + sales on credit -cash receipts from customers
= 21800 + 110000 - 45900
= 85900
c)Cash = Beginning +cash receipts -cash payment
= 17800+60600-55800
= 22600
d)cost of goods sold = Beginning + Purchase - ending inventory - credit to inventory for purchase discount
63700 = 14300 + 77800 - ending inventory - 1000
63700 = 91100 -ending inventory
ending inventory = 91100-63700
= 27400
e)sales revenue = sales on credit +sales for cash
= 110000 + 5900
= 115900
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Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts...
Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts...
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Please try to keep the same format! Problem 7-04A Selected accounts from the chart of accounts...
Please try to keep the same format!
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Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
Problem 7-3A receipts journal (perpetual The cash receipts journal shown below contains five entries. All five entries are for legiti mentory mate cash receipt transactions, but the journal contains some errors in recording the transactions. In fact, only one entry is correct, and each of the other four entries contains Corrected cash receipts one error. Total debit to Cash, $83,000 423 Chapter 7 Accounting Information Systems Page 22 Cash Receipts Journal Other Accounts Debits Sold Dr Post Amount Inventory Sales...
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