Dell Computers, Inc had the following transaction during a recent period: a. Received $75.000 cash from the
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Dell Computers, Inc had the following transaction during a recent period:
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a. Received $75.000 cash from the insurance of capital stock b. Purchased inventory on account for $27,000. C. Paid $7,500 cash for equipment. d. Sold merchandise on account for $37,500, cost of goods sold was $22,500. e. Purchased land and a building for $15,000 and $90,000, respectively, for $22,500 cash, singing a note for the balance. 1. Collected $14,250 from customers who had previously purchased inventory on account Use the T-accounts below to record these transactions. Use the alphabetical character representing each transaction to cross-reference your entries. Land Cash Accts, Rec Inventory Building Accts Pay. Note Pay. Equipment Capital Stock Cost Goods Sold Sales a. Received $75.000 cash from the insurance of capital stock b. Purchased inventory on account for $27,000. C. Paid $7,500 cash for equipment. d. Sold merchandise on account for $37,500, cost of goods sold was $22,500. e. Purchased land and a building for $15,000 and $90,000, respectively, for $22,500 cash, singing a note for the balance. 1. Collected $14,250 from customers who had previously purchased inventory on account Use the T-accounts below to record these transactions. Use the alphabetical character representing each transaction to cross-reference your entries. Land Cash Accts, Rec Inventory Building Accts Pay. Note Pay. Equipment Capital Stock Cost Goods Sold Sales
Expert Answer:
Answer rating: 100% (QA)
Cash Account Receivable Beg Bal 7500 Beg Bal d la 75000 e 22500 14250 f 14250 37500 End Bal 2325... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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