Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pls i need the answer to the ones i got wrong c. The payment Balance Sheet Stockholders Statement of Cash Assets Liabilities+ Income Equity Flows

image text in transcribedimage text in transcribed

Pls i need the answer to the ones i got wrong

c. The payment Balance Sheet Stockholders Statement of Cash Assets Liabilities+ Income Equity Flows Statement No Effect Accounts No Effect Cash Payable 101,92C 0 -2,080X 0 Statement of Cash Flows Income Statement No effect Operating-101,92v 0 No effect 0 No effect 0 Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. The purchase Balance Sheet Statement of Cash Assets Income Equity Flows Statement No Effect Inventory No Effect Payable o117 0 Statement of Cash Flows Income Statement No effectO No effect0 No No effect b. The merchandise return Balance Sheet Statement of Cash Assets Income Equity Flows Statement No EffectInventory No Effect Payable 0 0 Statement of Cash Flows Income Statement No effect No effect No

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

Leading The Digital Workforce Internal Audit And IT Audit

Authors: Jeffrey W. Brown

1st Edition

1032323736, 978-1032323732

More Books

Students also viewed these Accounting questions

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago