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Instructions Balances at 3 1 January 2 0 0 9 : Debtors control account.............................$ 3 2 , 4 0 0 Creditors control account...........................$ 2 5
Instructions
Balances at January :
Debtors control account.............................$
Creditors control account...........................$
Inventory...................................................$
Balances at February :
Debtors control account.............................$
Creditors control account...........................$
Inventory...................................................$
Extract from cash payments journal at February :
Payments to creditors.................................$
Additional Information:
a Gross profit markup is on cost
b Inventory is kept on the perpetual system
c All purchases and of sales are on credit
Required:
a Calculate purchases.
b If purchases during February were $ what is the Cost of Goods Sold for February?
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