Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i need it quick within 20 mins pls ABC business reported the following events during the month of December 2022.& Dec 1 Sold merchandise inventory
i need it quick within 20 mins pls
ABC business reported the following events during the month of December 2022.& Dec 1 Sold merchandise inventory for $40,000 cash. The inventory sold has a cost basis of $15,000. S Dec 4 Purchased $10,000 of merchandise inventory from EXTRA limited on account. Credit terms 2/10 n/30. Dec 6 Returned $2,000 of the merchandise purchased on Dec 4 . Dec 7ABC issued a check (Check No 215) to pay all the amount due from Dec 4 purchase. Dec 10 Sold merchandise inventory for $10,000 on credit. The inventory sold has a cost basis of $5,500. Required: ABC company uses the general journal, sales journal, purchases journal, cash receipt journal, and cash payment journal. 1) For each transaction above, indicate which special journal should ABC business use to record th transactions. (50%) 2) Journalize the transactions that should be recorded in the cash payments journal. (50%) Cash payment journal Step 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