Answered: Mira wanted to know the results

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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On February 1, 20Z1, Mira Delamar opened a store that sells school supplies. Mira wanted to know the results of operating the store. The following were taken from the accounting records of Mira's Store.

Balance Debit Credit

Sales - 114,567

Sales return - 1,544

Sales discount - 1,675

Purchases - 61,558

Purchase return - 504

Purchase discount - 1,076

Freight - in - 765

Utilities expense - 4,000

Salaries expense - 14,000

Rent expense - 10,000

Depreciation - 500

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