Acc 290 Week 5 Problems and Exercises

Week Five Problems and Exercises

ACC/290 Principles of Accounting I

BE-5-1

Presented here are the components in Korinek Company's income statement.

Determine the missing amounts.

Sales Revenue Cost of Goods

Sold

Dec. 15 Accounts Receivable 900

Sales Revenue 900

(To record credit sale to Pocras Company)

15 Cost of Goods Sold 590

Inventory 590

(To record cost of goods sold on account)

Pocras Company General Ledger

Date Account Title Debit Credit

Dec. 15 Inventory 900

Accounts Payable 900

(To record goods purchased on account from Wedell Company)

BE6-5

In its first month of operation, Moraine Company purchased 100 units of inventory for 6, then...