A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made. To determine : Journalizing the transactions of May’s Adventure Park which occurred in November 2016

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Answer 1

Question

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

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Answer 2

Question

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

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Answer 3

Question

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

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Answer 4

Question

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

Expert Solution & Answer

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Answer 5

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

Answer 6

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

Answer 7

Chapter 5, Problem P5.32APGA

To determine

Introduction:

A sales transaction is recorded by debiting the cash or accounts receivable in case of credit sales as it increases the assets and crediting the sales revenue to show the revenue. When a business purchases inventory, it is recorded by debiting the merchandise inventory as the inventory asset of the business increases and crediting the cash as it results in outflow of cash or in cash credit purchase, accounts payable is credited as the business liable to pay for the purchase made.

To determine:

Journalizing the transactions of May’s Adventure Park which occurred in November 2016

Answer 8

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Answer 9

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Answer 10

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Answer 11

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