Q#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year 2-Purchased inventory this year in the amount of $30,000 on credit 3-Paid suppliers of inventory $ 18000 this year 4-Collected $ 15,000 from sales.
Q#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year 2-Purchased inventory this year in the amount of $30,000 on credit 3-Paid suppliers of inventory $ 18000 this year 4-Collected $ 15,000 from sales.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q#04: Assume following transactions and record in accrued and cash form and record transaction approach?
1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year
2-Purchased inventory this year in the amount of $30,000 on credit
3-Paid suppliers of inventory $ 18000 this year
4-Collected $ 15,000 from sales.
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