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Inferring Transactions from Financial Statements (FSET) sheets is as follows ( $ thousands): Prepare entries using the financial statement effects template to record the following:
Inferring Transactions from Financial Statements (FSET) sheets is as follows ( $ thousands): Prepare entries using the financial statement effects template to record the following: a. In fiscal 20X2, Luna reported total sales revenue of $17,695 (thousand). Assume that the the company collected customer deposits equal to $5,250 (thousand) over the year. Prepare entries for the deposits and the sales revenue. Assume all balances due on completed customer orders are paid in cash. b. Luna's cost of goods sold for 202 was $8,001 (thousand). Prepare the adjusting entry to record inventory acquisitions. Assume all purchases are made on account. Prepare entries using the financial statement effects template to record the following: a. In fiscal 20X2, Luna reported total sales revenue of $17,695 (thousand). Assume that the the company collected customer deposits equal to $5,250 (thousand) over the year. Prepare entries for the deposits and the sales revenue. Assume all balances due on completed customer orders are paid in cash. b. Luna's cost of goods sold for 20X2 was $8,001 (thousand). Prepare the adjusting entry to record inventory acquisitions. Assume all purchases are made on account. c. In which section of the balance sheet would Luna most likely report its Customer Deposits
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