?? A company purchases office supplies worth $3,000 on credit. Later,they pay $1,200 in cash for part of the supplies purchased. After amonth, they realize $300 worth of supplies were defective and returnthem, receiving a refund. What are the entries for these transactions inthe company's accounts? XYZ Company, a small retail business,started the month with $15,000 in cash and inventory worth $25,000.During the month, the company purchased additional inventory worth$10,000 on credit and made sales totalling $20,000, of which $5,000was cash sales and the rest was on account. The cost of the inventorysold was $12,000. By the end of the month, the company paid $6,000to suppliers for inventory purchases. Additionally, the companyincurred $3,000 in operating expenses, which were all paid in cash.Prepare the journal entries for each transaction and calculate the endingbalances for Cash, Accounts Receivable, Inventory, Accounts Payable,and Retained Earnings.

Journal Entries and Calculation of Ending Balances for XYZ CompanyOffice Supplies Transactions1.…

Answered: A company purchases office supplies…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 1CP: Block Foods, a retail grocery store, has agreed to purchase all of its merchandise from Square...

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