Question
Cisco Systems, Inc. had the following transactions in March 2024: Purchased inventory worth $90,000 on account. Paid $20,000 in cash for utilities. Provided services worth
Cisco Systems, Inc. had the following transactions in March 2024:
- Purchased inventory worth $90,000 on account.
- Paid $20,000 in cash for utilities.
- Provided services worth $100,000 on account.
- Collected $70,000 from customers for services previously billed.
Prepare the journal entries for these transactions and explain their impact on the financial statements of Cisco Systems, Inc.
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Managerial Accounting The Cornerstone of Business Decision Making
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
7th edition
978-1337116008, 1337116009, 1337115770, 978-1337516150, 1337516155, 978-1337115773
