Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help filling out the unadjusted trial balance for 12/31 BH20 CORPORATION CASE 2 DateDecember Transactions to Record (all amounts in 000s) 4 4-Dec
I need help filling out the unadjusted trial balance for 12/31
BH20 CORPORATION CASE 2 DateDecember Transactions to Record (all amounts in 000s) 4 4-Dec Made cash sales of $3 million. For simplicity of this case, BH20 Corporation uses a PERIODIC inventory system 67-Dec Purchased $2.4 million of merchandise on account, FOB shipping point Paid $50,000 related freight-in charges 8 11-Dec Customers returned $600,000 of merchandise for credit to their accounts 10 14-Dec Collected $900,000 of accounts receivable (no cash discount) 12 18-Dec Sold land for $7.8 million, The land originally cost $5 million 13 14 20-Dec Made credit sales of $4 million 15 16 21-Dec BH20 returned $300,000 of merchandise to its merchandise inventory supplier. BH20 received suppliers debit mema 17 18 27-Dec Purchased $1.25 million of merchandise for cash 19 20 28-Dec Paid $1.1 million of accounts payable (no cash discount) 21 22 | 31-Dec Purchased land at a cost of $6 million, paid $1 million down; signed a 12%, 2-year note for the balance 23Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started