Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Income statement thanks! 1 Acquired 100,000 from the issuance of a Note Payable 2 Purchased 80,000 inventory of N95 masks on account 3 Received goods

Income statement thanks!

1 Acquired 100,000 from the issuance of a Note Payable
2 Purchased 80,000 inventory of N95 masks on account
3 Received goods purchased in event 2 FOB shipping point, freight cost 1000 paid in cash
4 Sold inventory on account that cost 70,000 for 140,000
5 Freight Cost on the goods sold in event 4 was 700. The goods were shipped FOB destination. Cash was paid
6 Customer in Event 4 returned 5000 worth of goods that had a cost of 2500
7 Collected 100,000 cash from accounts receivable
8 Paid 60,000 cash on accounts payable
9 Paid 3,000 cash for selling expenses
10 Paid 4000 cash for Insurance expense

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

GAO Financial Audit Manual Volume 1 Updated April 2020

Authors: United States Government GAO

2020 Edition

B091PR8396, 979-8733135977

More Books

Students also viewed these Accounting questions

Question

What magazine and ads did you choose to examine?

Answered: 1 week ago