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Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5-2) Information rel

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Answer #1

Journal entry : In the books of Kerber Co

Date General Journal Debit Credit
Apr 5 Inventory 23000
Account payable 23000
Apr 6 Inventory 900
Cash 900
Apr 7 Equipment 26000
Account payable 26000
Apr 8 Account payable 3000
Inventory 3000
Apr 15 Account payable 20000
Cash (20000*98%) 19600
Inventory 400

b) Journal entry

Date account and explanation Debit Credit
May 4 Account payable 20000
Cash 20000
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