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3 years ago

DS Unlimited has the following transactions during August.

Business

1 answer:

Otrada [13]3 years ago

5 0

Answer:

August 6

Debit: Inventory: (54 * $120) = $6480.00

Credit: Accounts Payable: $6,480.00

August 7 - shipping

Debit: Inventory $320.00

Credit: Cash $320.00

August 10

Debit: Accounts Payable :(4 * $120) = $480.00

Credit: Inventory $480.00

August 14

Debit: Accounts Payable : $(6480 - 480) = $6000.00

Credit: Inventory $60.00

Cash : $(6000 - 60) = $5940.00

(August 14th Inventory: $6000 × 1% = $60)

August 23

Debit: Accounts Receivable ($140*34) = $4760

Credit: sales Revenue $4760

August 23

Debit: Cost of Goods Sold $4,257.00

Credit: Inventory $4,257.00

Explanation:

INVENTORY:

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