a) Cash Paid
Situation | Cost of goods Sold | Inventory Increase ( Decrease ) | Accounts Payable Increase (Decrease) | Cash Paid to suppliers |
1 | $ 3,90,000 | $5,900 | 0 | $395,900.00 |
2 | $ 3,90,000 | 0 | $6,900 | $383,100.00 |
3 | $95,000 | $5,900 | $6,900 | $94,000.00 |
4 | $95,000 | ($5,900) | ($6,900) | $96,000.00 |
Cash Paid to Suppliers | ||||
Cost of goods Sold | XXX | |||
Add : Increase In Inventory | XX | |||
Purchases | XXX | |||
Deduct : Increase in Accounts Payable | XX | |||
Cash Paid to Suppliers | XXX | |||
b)
Journal Entries | |||
1 | Supplies a/c | Dr | 3,90,000 |
Inventory a/c | Dr | 5,900 | |
to Cash a/c | Cr | 395,900 | |
2 | Supplies a/c | Dr | 3,90,000 |
to Cash a/c | Cr | 383,100 | |
to Accounts Payable a/c | Cr | 6900 | |
3 | Supplies a/c | Dr | $95,000 |
Inventory a/c | Dr | $5,900 | |
to Cash a/c | Cr | $94,000.00 | |
to Accounts Payable a/c | Cr | $6,900 | |
4 | Supplies a/c | Dr | $95,000 |
Accounts Payable a/c | Dr | $6,900 | |
to Cash a/c | Cr | $96,000.00 | |
to Inventory a/c | Cr | $5,900 |
Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each...
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