Identify the errors in the following schedule of cost of merchandise sold for the current year ended
Question:
Identify the errors in the following schedule of cost of merchandise sold for the current year ended December 31,2006:
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Cost of merchandise sold: Merchandise inventory, December 31, 2006 Purchases Plus: Purchases returns and allowances $120,000 $14,000 6,000 20,000 $620,000 7,500 Gross purchases 612,500 $732,500 132,000 $600,500 Less merchandise inventory, January 1, 2006. . . Cost of merchandise sold
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1 The schedule should begin with the January 1 not the December 31 merchandise inventory 2 Purchases ...View the full answer
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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The correct entry should be Debit: Armstrong, Capital $48,000 Credit: Cash $58,000 Debit: Jackson, Capital $5,000 Debit: Tanner, Capital $5,000
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