Homework Answers
Question 1;
Correct journal entry will be;
|
Purchases |
$5000 |
|
|
Accounts Payable |
$5000 |
Explanation;
Under period inventory system, purchases need to be debited and accounts payable need to be credited.
Question 2;
Correct journal entry will be;
|
Bad Debt Expense |
$1000 |
|
|
Allowance for Doubtful Accounts |
$1000 |
Explanation;
Under allowance system bad debt expenses need to be debited and allowance for doubtful accounts need to be credited.
Question 3;
Correct journal entry will be;
|
Cash |
$6000 |
|
|
Unearned Revenue |
$6000 |
Explanation;
When cash is received then cash will be debited and uneared reveneue need to be credited because product & service yet is not delivered.
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