A firm that sells furniture has the following purchases from the manufacturer and consumer sales. June 1,
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Question:
A firm that sells furniture has the following purchases from the manufacturer and consumer sales.
- June 1, purchase 10 couches for $8,000 plus $440 shipping, terms 2/10, n/30
- June 11, paid for June 1 purchase
- June 12, 2018, purchase fifteen tables for $4500 plus $450 shipping, terms 2/10, n/30
- June 2-30: sold 4 couches for $1,500 each, terms 1/20, n/30
- June 8, received customer payment for 1 couch.
- June 13-30, sold 3 tables for $300 each in cash
- What is the balance at June 30 in A/R, A/P, inventory?
- What was the gross margin for the month?
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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