Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Given this information what is the... 1. outflow for inventory 2. & How does event Sept 10. affect the balance sheet
Sept. 1 Acquired $50,000 cash from the issue of common stock. 1 Purchased $28,000 of merchandise on account with terms 2/10, n/30. 5 Paid $600 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30. 8 Returned $600 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $2,450 cash for selling expenses. Given this information what is the... 1. outflow for inventory 2. & How does event Sept 10. affect the balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Sept. | 1 | Acquired $50,000 cash from the issue of common stock. |
| 1 | Purchased $28,000 of merchandise on account with terms 2/10, n/30. | |
| 5 | Paid $600 cash for freight to obtain merchandise purchased on September 1. | |
| 8 | Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30. | |
| 8 | Returned $600 of defective merchandise from the September 1 purchase to the supplier. | |
| 10 | Paid cash for the balance due on the merchandise purchased on September 1. | |
| 20 | Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. | |
| 30 |
Paid $2,450 cash for selling expenses. |
Given this information what is the...
1. outflow for inventory
2. & How does event Sept 10. affect the
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