Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Inventory System) 1) Sep 1 Business sold $4200 inventory to BCA Inc., the cost is $900. Terms 1/5, n/15 FOB 2) Sep1 Business purchased $5,300

image text in transcribed
Inventory System) 1) Sep 1 Business sold $4200 inventory to BCA Inc., the cost is $900. Terms 1/5, n/15 FOB 2) Sep1 Business purchased $5,300 of inventory from TCL Inc.. Terms 2/10, n/20 FOE 3) Sep2 Business paid delviery for the inventory sales to BCA Inc. 4) Sep3 Business purchased $1320 of inventory from FriStar Inc. paid in cash 5) Sep4, Business returned defective $250 inventory back to TCL 6) Sep6 Business Received BCA Inc's money. 7) Sep9 business sold inventory $2700 (cost $1,500 ) to SP's Ltd, Terms: 1/5, n/10, FOB 8) Sep11 Business paid the TCL Inc. in 9) Sep30 Received SP's Ltd money in full Inventory System) 1) Sep 1 Business sold $4200 inventory to BCA Inc., the cost is $900. Terms 1/5, n/15 FOB 2) Sep1 Business purchased $5,300 of inventory from TCL Inc.. Terms 2/10, n/20 FOE 3) Sep2 Business paid delviery for the inventory sales to BCA Inc. 4) Sep3 Business purchased $1320 of inventory from FriStar Inc. paid in cash 5) Sep4, Business returned defective $250 inventory back to TCL 6) Sep6 Business Received BCA Inc's money. 7) Sep9 business sold inventory $2700 (cost $1,500 ) to SP's Ltd, Terms: 1/5, n/10, FOB 8) Sep11 Business paid the TCL Inc. in 9) Sep30 Received SP's Ltd money in full

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_2

Step: 3

blur-text-image_3

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

The Routledge Companion To Fair Value In Accounting

Authors: Gilad Livne

1st Edition

0367656132, 9780367656133

More Books

Students also viewed these Accounting questions

Question

What internal and external forces were influencing DigiTech?

Answered: 1 week ago