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Instructions:
Complete and upload All Pages
Accounting Equation and Debit/Credit Rules
Complete the Accounting Equation below by placing the following account types in the proper order to
complete the accounting equation: Assets, Common Stock, Dividends, Expenses, Liabilities and
Revennes Indieate the increace side of the aremant with "q" and the dererese side with a "s"
Purchases
I recently went to Kohl's to purchase a new winter coat for my daughter. The coat I picked out was $100.
Luckily, I had a 30% off coupon. How much did I pay (ignore sales tax)?
When I got home, my daughter informed me that the coat was hideous, and she would be embarrassed to be
seen in it. I went back to Kohl's and returned the coat. How much money did they give back to me (again,
ignore sales tax)?
Purchases - part 2
I recently went to Kohl's to purchase new Vans for my daughter. I bought her two pairs since they were on sale
for $50 each. Luckily, I also had a 30% off coupon. How much did I pay (ignore sales tax)?
When I got home, my daughter informed me that I purchased the wrong color, so I returned one pair of shoes.
How much did I get back (ignore sales tax)?
Journal Entries
The following selected transactions were completed during August between Seller Company and Buyer Co.:
Aug. 5: Seller Company sold merchandise on account to Buyer Co., $66,000, terms FOB shipping
point, 215neom. The cost of the Goods sold was $40,000
Aug. 9: Buyer Co. paid freight of $2,300 on August 5 purchase from Seller Company.
Aug. 15: Seller Company sold merchandise on account to Buyer Co., $58,700, terms FOB shipping
point, 110,n30. Seller Company paid freight of $1,675, which was added to the invoice. The cost of
the goods sold was $35,000.
Aug. 20: Buyer Co. paid Seller Company for purchase of August 5.
Aug. 25: Buyer Co. paid Seller Company for purchase of August 15
Journalize the August transactions Buyer Co on the following page. Show your calculations.
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