Question

Casey Company engaged in the following transactions:
a. Made credit sales of $615,000. The cost of the merchandise sold was $417,500
b. Collected accounts receivable in the amount of $592,800
c. Purchased goods on credit in the amount of $445,150
d. Paid accounts payable in the amount of $403,200

Required:
Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.


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  • CreatedSeptember 22, 2015
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