Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 7-1A Kozma Company's chart of accounts includes the following selected accounts. 101 Cash 112 Accounts Receivable 414 Sales Discounts 120 Inventory 301 Owner's Capital
Problem 7-1A Kozma Company's chart of accounts includes the following selected accounts. 101 Cash 112 Accounts Receivable 414 Sales Discounts 120 Inventory 301 Owner's Capital 401 Sales Revenue 505 Cost of Goods Sold On April 1, the accounts receivable ledger of Kozma Company showed the following balances: Morrow $1,510, Rose $1,160, Jennings Co. $2,870, and Dent $2,090. The April transactions involving the receipt o cash were as follows Apr. 1 4 5 8 10 11 23 29 The owner, T. Kozma, invested additional cash in the business $7,200 Received check for payment of account from Dent less 2% cash discount. Received check for $970 in payment of invoice no. 307 from Jennings Co Made cash sales of merchandise totaling $7,200. The cost of the merchandise sold was $4,320 Received check for $610 in payment of invoice no. 309 from Morrow Received cash refund from a supplier for damaged merchandise $790. Received check for $1,040 in payment of invoice no. 310 from Jennings Co Received check for payment of account from Rose (no cash discount allowed)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started