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May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. Purchased sales equipment costing $9,000; made a down payment of $2,300 days. 18 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200.

May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. Purchased sales equipment costing $9,000; made a down payment of $2,300 days. 18 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200.

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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May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. Purchased sales equipment costing $9,000; made a down payment of $2,300 days. Purchased $800 of inventory for cash. 18 21 27 Sold land that had originally cost $1,900 for $3,200.
Transcribed Image Text:May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. Purchased sales equipment costing $9,000; made a down payment of $2,300 days. Purchased $800 of inventory for cash. 18 21 27 Sold land that had originally cost $1,900 for $3,200.
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