1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:1. During October, the company had several transactions. Prepare journal entries for the
transactions below and post them to the t-accounts.
a.
Sold merchandise with an original cost of $73,000 on account for a total selling price of
$170,000.
DR Accounts Receivable
CR Revenue
DR COGS
CR Inventory
DR Inventory
DR PP&E
I
b. Purchased merchandise inventory on account from various suppliers for $92,600.
92,600
CR Accounts Payable
Paid rent of $23,500 for the month of October.
CR Cash
170,000
23,500
73,000
23,500
170,000
73,000
92,600
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