1) Record these business transactions in grid format a) The Company purchased Inventory on 30 day credit terms for $ 80,000 b) The Company purchased the inventory above on FOB shipping point terms. Freight cost is $1,00 c) $5,000 of the Inventory was damage upon receipt and the Company returned it. d) The Company had sales revenue to customers of $ 160,000 which were sold on 30 day credit terms. e) The Company had cost of product of $ 40,000 associated with the sales in e) above. This product was taken from inventory f) The Company received cash of $ 60,000 from customers related to sales that were made in e) above. g) The Company issued $ 200,000 of common stock for cash. h) The Company paid its Rent Expense in cash of $ 30,000.

1) Record these business transactions in grid format a) The Company purchased Inventory on 30 day credit terms for $ 80,000 b) The Company purchased the inventory above on FOB shipping point terms. Freight cost is $1,00 c) $5,000 of the Inventory was damage upon receipt and the Company returned it. d) The Company had sales revenue to customers of $ 160,000 which were sold on 30 day credit terms. e) The Company had cost of product of $ 40,000 associated with the sales in e) above. This product was taken from inventory f) The Company received cash of $ 60,000 from customers related to sales that were made in e) above. g) The Company issued $ 200,000 of common stock for cash. h) The Company paid its Rent Expense in cash of $ 30,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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