How to do the following accounting question(Serious answers only).?
How to do the following accounting question(Serious answers only).?
How to do the following accounting question(Serious answers only).
The following information and transactions relate to the "Dalgetty Sports Warehouse".
Aug.5. Sold merchandise on credit to Honeydew Enterprise, terms 2/10, n/30, amounting to $2640 (GST Inclusive), cost price $1500.
Aug.13. The owner withdrew inventory valued at $600, (cost price $350), for personal use.
Aug.15. A physical stocktake valued inventory on hand at $24000.
How to record the above transactions using the perpetual inventory system?
Answers:
Chosen Answer
P J: Do your own homework, what the heck do you learn if I sit here and do it for you so you can copy and present it!
2007-08-23 06:34:23
P J: Do your own homework, what the heck do you learn if I sit here and do it for you so you can copy and present it!
2007-08-23 06:34:23
jeff b: 8/5 debit Accounts Recievable $2640
credit Revenue $2640
debit cost of goods $1500
credit inventory $1500
8/13 debit Owner's Draw $ 600
credit inventory $600
2007-08-23 06:37:47
2007-08-23 06:37:47
ed m: go to the homework section -- quit doing it when i left school!!!
2007-08-26 14:24:56
2007-08-26 14:24:56