For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers and explain the change in each account shown. All dollars are in millions.
cogs 200, inventory 0, accts payable 0, cash paid to suppliers ?
Cogs 200, inventory increase 6, accts payable 0, cash paid to suppliers ?
cogs 200, inventory 0, accts payable increase 14, cash paid to suppliers ?
cogs 200, inventory increase 6, accts payable increase 14, cash paid to suppliers ?
Cogs 200, inventory decrease 6, accts payable decrease 14, cash paid to suppliers ?
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Posted 21 Apr 2017 02:04 AM
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