From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,040; Purchases Discount, $860; Merchandise Inventory, 12/01/1X, $4,400; Purchases, $60,000; Purchases Returns and Allowances, $1,040; Freight-In, $330.
Answer to relevant QuestionsGive the category, the classification, and the report(s) on which each of the following appears (for example: Cash—asset, current asset, balance sheet):a. Salaries Payableb. Accounts Payablec. Mortgage Payabled. Unearned ...Give the category, the classification, and the report(s) on which each of the following appears (for example: Cash—asset, current asset, balance sheet):a. Wages Payableb. Accounts Payablec. Notes Payabled. Unearned ...Using the ledger balances and additional data given, do the following for Cross Lumber for the year ended December 31, 201X:1. Prepare the worksheet.2. Prepare the income statement, statement of owner’s equity, and balance ...Journalize the following transaction in correct form:201XMar. 20 The business returned to the vendor a damaged inventory item that cost $420.Hobbs Company’s March 1 inventory had a cost of $58,600 and a retail value of $74,800. During March, net purchases cost $253,400 with a retail value of $405,200. Net sales at retail for Hobbs Company during March were ...
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