DE6-10 Refer to Austin Sound Center's purchases journal (Exhibit 6-12, page 2411 and cash payments journal (Exhibit
Question:
DE6-10 Refer to Austin Sound Center's purchases journal (Exhibit 6-12, page 2411 and cash payments journal (Exhibit 6-13. page 243). Charles Ernest, the owner, has raised the fol- lowing questions about the business. 1. At November 30, after all purchases and all cash payments, how much does Austin Sound owe JVC Corporation? How much in total does Austin Sound owe on account? 2. How much did total credit purchases of inventory, supplies, fixtures, and furniture increase Austin Sound's accounts payable during November? 3. How much of the accounts payable did Austin Sound pay off during November? What amount of cash did Austin Sound pay on account? Explain the difference.
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones