Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aug 15 - Paid utilities of $5000 - Breakdown is Water 15%, Gas 35% Electricity 50%. Aug 15 - Sold 1,000 pairs of Adidas to

image text in transcribed
Aug 15 - Paid utilities of $5000 - Breakdown is Water 15%, Gas 35% Electricity 50%. Aug 15 - Sold 1,000 pairs of Adidas to customers and recorded $80,000 of sales in cash. Aug 17 - Sold 2,900 pairs of Nike to customers and recorded $203,000 of sales in cash. Aug 19 - Sold 5,000 pairs of Reebok to customers and recorded $300,000 of sales in cash. Aug 21 - Sold 5,000 pairs of Misc to customers and recorded $225,000 of sales in cash. Aug 28 - The owner of the company advises you that during the entire month of Aug a total of 175 shoes have been returned for a full refund and must be returned back to the vendor for credit. Below is the breakdown: Nike -50 pairs of shoes Adidas - 25 pairs of shoes Reebok - 25 pairs of shoes Misc - 75 pairs of shoes Sol: 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance And Risk

Authors: W. Robert Knechel, Steve Salterio, Brian Ballou

2rd Edition

0324022131, 978-0324022131

More Books

Students also viewed these Accounting questions

Question

=+2. Who is the audience?

Answered: 1 week ago