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Accounting
Exercise: Classify the following event: AU if it is (asset used), SA (source of asset). EA (exchange of asset) or EC (exchange of claims). Event Classification 1 Purchase inventory Salary expense on account for April 2 2020 3 Purchase returns 4 Payment to creditors 5 Recording revenue 6 Recording cost of goods sold 7 Reversing revenue 8 Reversing cost of goods sold Collections on account receivable 10 Owner withdrew cash for personal use.

Exercise: Classify the following event: AU if it is (asset used), SA (source of asset). EA (exchange of asset) or EC (exchange of claims). Event Classification 1 Purchase inventory Salary expense on account for April 2 2020 3 Purchase returns 4 Payment to creditors 5 Recording revenue 6 Recording cost of goods sold 7 Reversing revenue 8 Reversing cost of goods sold Collections on account receivable 10 Owner withdrew cash for personal use.

FINANCIAL ACCOUNTING
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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Exercise: Classify the following event: AU if it is (asset used), SA (Source of asset), EA (exchange of asset) or EC (exchange of claims). Event Classification Purchase inventory Salary expense on account for April 2 1 2020 3 Purchase returns Payment to creditors 5 Recording revenue 4 6 Recording cost of goods sold 7 Reversing revenue 8 Reversing cost of goods sold Collections on account receivable 10 Owner withdrew cash for personal use.
Transcribed Image Text:Exercise: Classify the following event: AU if it is (asset used), SA (Source of asset), EA (exchange of asset) or EC (exchange of claims). Event Classification Purchase inventory Salary expense on account for April 2 1 2020 3 Purchase returns Payment to creditors 5 Recording revenue 4 6 Recording cost of goods sold 7 Reversing revenue 8 Reversing cost of goods sold Collections on account receivable 10 Owner withdrew cash for personal use.
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