BZ102 – ACCOUNTING PRINCIPLES
Complete Questions P 7-5 on pages 353 to 354 of Horngren’s Financial Accounting 8th Ed. P7-5 Using all the journals, posting and balancing the ledgers [30-40 mini] Prudhoe Bay uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30. During March, Prudhoe Bay completed these transactions: Mar 2 Issued invoice no. 191 for sale on credit to L. E. Wooten, $2350. Prudhoe Bay’s cost of this inventory was $1 390. 3 Purchased inventory on credit terms of 3/10, n/60 from Delwood Plaza, $5900. 4 Sold inventory for cash, $3410 (cost, $1 820). 5 Issued cheque no. 473 to purchase furniture for cash, $1 080. 8 Collected interest revenue of $120. 9 Issued invoice no. 192 for…
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