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 $75,000 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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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
