On October 5, Grouper Company buys merchandise on account from Lasse Company. The purchase price of...
On October 5, Grouper Company buys merchandise on account from
Lasse Company. The purchase price of the goods is $4,350. On
October 20, Grouper sells all of the merchandise to Thom for $5,390
cash.
Use a tabular summary to record the transactions for Grouper
Company using a perpetual inventory system. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | ||||||
| Oct. | 5 | $ | $ | $ | $ | $ | $ | |||||||||
| Oct. | 20 | Sales returns & allowancesAccounts receivableBad debt expenseCost of goods soldSales revenue | ||||||||||||||
| Sales returns & allowancesSales revenueAccounts receivableBad debt expenseCost of goods sold | ||||||||||||||||
Homework Answers
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||
| Retained Earnings | ||||||||||||||||
| Cash | + | Inv. | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | ||||||
| Oct. | 5 | $ | + | $4,350 | = | $4,350 | + | $ | $ | $ | ||||||
| Oct. | 20 | 5,390 | - | 4,350 | = | + | 5,390 | - | 4,350 | |||||||
Kindly comment if you need further assistance. Thanks‼!
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On October 5, Grouper Company buys merchandise on account from
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