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Business
Accounting
REQUIRED: • Statement of Comprehensive Income • Statement of Financial Position • Statement of Change’s in Owner’s Equity

REQUIRED: • Statement of Comprehensive Income • Statement of Financial Position • Statement of Change’s in Owner’s Equity

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 20MC: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...
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REQUIRED: • Statement of Comprehensive Income • Statement of Financial Position • Statement of Change’s in Owner’s Equity
10:06 cdn.fbsbx.com Done 2. JE 3. Posting 4. Trial Balance 5. Worksheet 6. AJE Date Account / Remarks Dr. Cr. 1 6/2/19 Cash 20,000 Sales 20,000 to record cash sales 2 6/3/19 Accounts Receivable 15,000 Sales 15,000 I to recore sales on account Cost of Sales Merchandise Inventory "To record COS (under perpetual inventory system) 12,000 12,000 3 6/5/19 Cash 15,000 Accounts Receivable |# to record collection of credit sales last June 3 15,000 6/7/19 Computer Equipment Accounts Payable # to record purchase of Comp Equipment on account 4 25,000 25,000 5 6/9/19 Purchases 35,000 Cash 35,000 # to record purchase of inventory via cash 6. 6/15/19 Cash 4,500 Loss on sale of Computer Table Computer table W to record sale of computer table 500 5,000 7 6/17/19 Owner's Drawing 5,000 Cash 5,000 # to record cash withrawal from owner 8. 6/20/19 Salaries Expense 3,000 Cash 3,000 # to record Salaries paid 6/22/19 Purchases 50,000 Accounts Payable # to record purchases on account 50,000 10 6/30/19 Bad Debt Expense 2,000 Allowance for doubtful accounts 2,000 # to record estimated uncollectible receivable Depreciation Expense Accumulate Depreciation - OE # to record depreciation of Office Equipment AJE 500 500 Supplies Expense Office Supplies # to record supplies used 750 750 Amortization Expense 450 Accumulated Amortization - CS 450 # to record amortization of computer software Furnitures Owner's Drawings 5,000 5,000 # to correct entry last Jun 17
Transcribed Image Text:10:06 cdn.fbsbx.com Done 2. JE 3. Posting 4. Trial Balance 5. Worksheet 6. AJE Date Account / Remarks Dr. Cr. 1 6/2/19 Cash 20,000 Sales 20,000 to record cash sales 2 6/3/19 Accounts Receivable 15,000 Sales 15,000 I to recore sales on account Cost of Sales Merchandise Inventory "To record COS (under perpetual inventory system) 12,000 12,000 3 6/5/19 Cash 15,000 Accounts Receivable |# to record collection of credit sales last June 3 15,000 6/7/19 Computer Equipment Accounts Payable # to record purchase of Comp Equipment on account 4 25,000 25,000 5 6/9/19 Purchases 35,000 Cash 35,000 # to record purchase of inventory via cash 6. 6/15/19 Cash 4,500 Loss on sale of Computer Table Computer table W to record sale of computer table 500 5,000 7 6/17/19 Owner's Drawing 5,000 Cash 5,000 # to record cash withrawal from owner 8. 6/20/19 Salaries Expense 3,000 Cash 3,000 # to record Salaries paid 6/22/19 Purchases 50,000 Accounts Payable # to record purchases on account 50,000 10 6/30/19 Bad Debt Expense 2,000 Allowance for doubtful accounts 2,000 # to record estimated uncollectible receivable Depreciation Expense Accumulate Depreciation - OE # to record depreciation of Office Equipment AJE 500 500 Supplies Expense Office Supplies # to record supplies used 750 750 Amortization Expense 450 Accumulated Amortization - CS 450 # to record amortization of computer software Furnitures Owner's Drawings 5,000 5,000 # to correct entry last Jun 17
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