Use a tabular summary to record the following transactions for Jarvis Co. (Omit recording cost of...
Use a tabular summary to record the following transactions for Jarvis Co. (Omit recording cost of goods sold.)
(a) On July 1, Jarvis Co. sold merchandise on account to Stacey Inc. for $23,000.
(b) On July 8, Stacey Inc. returned merchandise worth $2,400 to Jarvis Co.
(c) On July 11, Stacey Inc. paid for the merchandise.
Homework Answers
| Assets | = | Liabilities | |||||
| Cash | + | Accounts receivable | = | Liabilities | + | Stockholders Equity | |
| July 1 | 23,000 | = | 23,000 | ||||
| July 8 | - | 2,400 | - | 2,400 | |||
| July 11 | 20,600 | - | 20,600 | ||||
| Total | 20,600 | + | 0 | = | 20,600 | ||
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