ACC557 Week 4 Chapter 5 E5 4 E5 8 E5 13 P5 3A
EXERCISE 5-4
(a) June 10 Inventory................................................... 7,600
Accounts Payable............................ 7,600
11 Inventory................................................... 400
Cash................................................... 400
12 Accounts Payable.................................... 300
Inventory........................................... 300
19 Accounts Payable ($7,600 – $300)....... 7,300
Inventory
($7,300 X 2%)................................ 146
Cash ($7,300 – $146)....................... 7,154
(b) June 10 Accounts Receivable............................. 7,600
Sales Revenue................................ 7,600
Cost of Goods Sold................................ 4,300
Inventory.......................................... 4,300
12 Sales Returns and Allowances............ 300
Accounts Receivable..................... 300
Inventory.................................................. 70
Cost of Goods Sold........................ 70
ACC557 Week 4 Chapter 5 (E5-4 E5-8 E5-13 P5-3A)
EXERCISE 5-4 (a) June 10 Inventory 7,600 Accounts Payable 7,600 11 Inventory 400 Cash 400 12 Accounts Payab...
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