Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory
ID: 2333011 • Letter: D
Question
Debit Credit Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurancee Bond Investment at Amortized Cost Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Goodwill Accounts Payable Bonds Payable (20-year, 6%) Common Shares Retained Earnings Sales Revenue Rent Revenue Advertising Expense Supplies Expense Purchases Purchase Discounts Salaries and wages expense Interest Expense $17,550 108,600 $3,720 59,100 4,574 56,800 28,400 156,600 6,310 32,640 5,440 16,750 100,400 162,000 115,900 77,634 193,500 10,350 21,600 10,150 98,200 810 52,100 13,000 $676,064 $676,064Explanation / Answer
Answer
Cost of Goods Sold = $ 59,100 (Beginning inventory) + ($98,200 – $810) Net purchases - $ 91,200 (Ending Inventory)
= 59100 + 98200 – 810 – 91200
= $ 65,290
--This Cost of Goods Sold is to be debited
Accounts title
Debit
Credit
Inventory
$ 91,200.00
Cost of Goods Sold
$ 65,290.00
Income Summary
$ 59,100.00
Inventory
$ 59,100.00
Income Summary
$ 156,490.00
Accounts title
Debit
Credit
Inventory
$ 91,200.00
Cost of Goods Sold
$ 65,290.00
Income Summary
$ 97,390.00
Inventory
$ 59,100.00
Accounts title
Debit
Credit
Inventory
$ 91,200.00
Cost of Goods Sold
$ 65,290.00
Income Summary
$ 59,100.00
Inventory
$ 59,100.00
Income Summary
$ 156,490.00
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