Assume a Company A's Products had a $15,000 increase in Accounts Payable during the year, and...
Assume a Company A's Products had a $15,000 increase in Accounts Payable during the year, and a $10,000 increase in Inventory for the same year.
The Accounts Payable account only includes inventory-related transactions, and all purchases are made on credit. The company paid the inventory suppliers $95,000 during the period.
Create the T-Account charts for Account Payable & Inventory and Calculate the amount Products recorded as Cost of Goods Sold for the year.
Homework Answers
ACCOUNTS PAYABLE
| PARTICULARS | DEBIT | PARTICULARS | CREDIT |
| SUPPLIER | 95000 |
INVENTORY INVENTORY BALANCE FIGURE |
15000 10000 70000 |
INVENTORY ACCOUNT
| PARTICULARS | DEBIT | PARTICULARS | CREDIT |
|
INCREASE IN INVENTORY INCREASE IN PAYABLE |
10000 15000 |
BALANCE FIGURE | 25000 |
COGS for the year will be increased by 25000 as there is a purchase of inventory of that amount this year in the company.
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