tabular summary of assets (cash + accounts receivable +inventory) =liabilities (accounts payable) + stockholders' equity
Posted: Tue Jul 05, 2022 1:37 pm
tabular summary of assets
(cash + accounts receivable +inventory) =liabilities (accounts payable) + stockholders' equity (common stock + revenue - expenses) i got some of it right but most of it wrong, plead help
Powell Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 3 6 9 15 17 20 24 26 28 Purchased books on account for $1,040 from Catlin Publishers. Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. Received $40 credit for books returned to Catlin Publishers. Paid Catlin Publishers in full. Received payment in full from Garfunkel Bookstore. Sold books on account to Bell Tower for $1.200. The cost of the merchandise sold was $730. Purchased books on account for $720 from Priceless Book Publishers. Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $780. Granted General Bookstore $130 credit for books returned costing $80. 30 Prepare a tabular summary to record the transactions for the month of June for Powell Warehouse using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).)
June 1 9 15 17 8 24 $ Cash 0 O 0 980 1200 D Accts. Rec. 0. 0 0 0 00000 1200 1200 Inv. 1040 720 40 0 0
Liabilities Accts. Pay. 1040 0 0 40 1000 0 10.1 Common Stock 0 0 0 0 0 0 Rev. Stockholders' Equity 0 0 730 $ Retained Earnit Exp.
Common Stock 0 0 10 0 0 0 10. Rev. Stockholders' Equity 0 0 0 730 Retained Earnings Exp. 1000000 40 20 1200 7:30 Accounts receivable Sales revenue Sales returns & allowances Cost of goods sold Bad debt expense Sales reven Sales returns & allowances Accounts receivable Accounts receivable A V
(cash + accounts receivable +inventory) =liabilities (accounts payable) + stockholders' equity (common stock + revenue - expenses) i got some of it right but most of it wrong, plead help
- Tabular Summary Of Assets Cash Accounts Receivable Inventory Liabilities Accounts Payable Stockholders Equity 1 (49.85 KiB) Viewed 5 times
- Tabular Summary Of Assets Cash Accounts Receivable Inventory Liabilities Accounts Payable Stockholders Equity 2 (49.85 KiB) Viewed 5 times
- Tabular Summary Of Assets Cash Accounts Receivable Inventory Liabilities Accounts Payable Stockholders Equity 3 (26.04 KiB) Viewed 5 times
- Tabular Summary Of Assets Cash Accounts Receivable Inventory Liabilities Accounts Payable Stockholders Equity 4 (39.16 KiB) Viewed 5 times
- Tabular Summary Of Assets Cash Accounts Receivable Inventory Liabilities Accounts Payable Stockholders Equity 5 (43.56 KiB) Viewed 5 times
June 1 9 15 17 8 24 $ Cash 0 O 0 980 1200 D Accts. Rec. 0. 0 0 0 00000 1200 1200 Inv. 1040 720 40 0 0
Liabilities Accts. Pay. 1040 0 0 40 1000 0 10.1 Common Stock 0 0 0 0 0 0 Rev. Stockholders' Equity 0 0 730 $ Retained Earnit Exp.
Common Stock 0 0 10 0 0 0 10. Rev. Stockholders' Equity 0 0 0 730 Retained Earnings Exp. 1000000 40 20 1200 7:30 Accounts receivable Sales revenue Sales returns & allowances Cost of goods sold Bad debt expense Sales reven Sales returns & allowances Accounts receivable Accounts receivable A V