ACC 290 WeeK 8 Assignment Answers Prior company buys merchandise on account from wood company
in Accounting by vomms
Favorite
Add it to your favorites and revisit later
Instant Download
Previewing 1 of 4 total pages.
Regular Price: $18.56
Your Price: $12.99 (30% discount)
You Save: $5.57
Your Price: $12.99 (30% discount)
You Save: $5.57
Description
WK 8 Exercises
ACC 290
BE5-1
A) 181,500
B) 41,200
C) 38,000
D) 19,200
E) 8,500
F) 63,400
BE5-2
Prior company buys merchandise on account from wood company. The selling price of the goods is 900 and the cost of the goods is 630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Prior Company
Account/DescriptionDebitCredit
Merchandise Inventory900
Accounts Payable900
Wood Company
Account/DescriptionDebitCredit
Accounts Receivable900
Sales900
(To record the sale)
Cost of Goods Sold630
Merchandise Inventory630
(To record the Cost of Inventory)
BE6-5
LIFOFIFO
Purchases6X1006X100
7X2007X200
8X1508X150
Cost...
Comments (0)
You must sign in to make a comment.
Rating:
Published On:
08/14/2014
Print Length:
4 page(s)
Word Count:
330
File Name:
acc-290-week-8-assignment-answers-prior-company-buys-merchandise-on-account-from-wood-company-39.docx
File Size:
20.64 KB (0.02 MB)
Sold By:
vomms
Purchased:
2 times
Best Seller Ranking:
#2089