Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather accessories under a variety of b
rand names, such as Caterpillar, Hush Puppies, Wolverine, and Steve Madden. The following transactions occurred during a recent month.
Made cash sales of $49,000 (example).
Purchased $3,000 of additional supplies on account.
Borrowed $58,000 on long-term notes.
Purchased $18,600 in additional equipment, paying in cash.
Incurred $27,000 in selling expenses, paying two-thirds in cash and owing the rest on account.
Paid $4,700 in rent for this month, and also paid $4,700 for next month.
Made cash sales of $49,000 (example).
Purchased $3,000 of additional supplies on account.
Borrowed $58,000 on long-term notes.
Purchased $18,600 in additional equipment, paying in cash.
Incurred $27,000 in selling expenses, paying two-thirds in cash and owing the rest on account.
Paid $4,700 in rent for this month, and also paid $4,700 for next month.
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