Fundamental Financial Accounting Concepts
Fundamental Financial Accounting Concepts
10th Edition
ISBN: 9781260159028
Author: Edmonds
Publisher: MCG
Question
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Chapter 7, Problem 22AP

a.

To determine

Record the given transactions in general journal form.

b.

To determine

Post the journal entries to T-accounts.

c.

To determine

Prepare the income statement, balance sheet, and statement of cash flows for Year 1.

d.

To determine

Show the effects of the given transactions in a horizontal statement model.

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he beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000
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Fundamental Financial Accounting Concepts

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