Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 7.00

inventory transactions

Recording inventory transactions in a financial statements model

David’s Paint Supply experienced the following events during 2012, its first year of operation:

1. Acquired $30,000 cash from the issue of common stock.

2. Purchased inventory for $24,000 cash.

3. Sold inventory costing $13,000 for $22,000 cash.

4. Paid $1,600 for advertising expense.

Required

Record the events in a statements model like the one shown below.

 

Assets

=

Equity

Rev.

-

Exp.

=

Net Inc.

Cash Flow

Cash

+

Inv.

=

Com. Stk.

+

Ret. Earn.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 7.00

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