1/31 we bought some stuf2/16/2023 Inventory$5,000sales10,000 A/P5000 Cost of goods sold (expense)inventory inventory50005,000 5,000 0 Gross sale10000 returned and allowences sales discount net sales9500 Net sales10000 COGS5000Inventory Gross profit5000Begin Selling general and admin expensesPlus purchasing Operating IncomeCOGS Interenst IncomeEnding Interest (expense) Income before income taxes Income Tax Expense Net Income Purchase $7500 worth of product Invoice - date1/31/20231/31/2023 Inventory7500 Terms - 5/10, n/45A/P7500 Payment on - 2/28? Use invoiceno discount 2/28/2023 A/P75002/5/2023 cash7500
2/5/2023 A/P750 Inventory750 allowence for the wrong color NO DISCOUNT 1/1/2023 SELLER10000 3/15, n/45Inventory5500 1st entryA/R10000 Sales10000 Sold Merchendise 2nd entryCOGS5500 Inventory5500 No DiscountDiscount 1/31/2023 Cash100001/10/2023 Cash9700 A/R10000Sales Discounts300 Customer paid the invoiceA/R10000 1/3/2023 Returned 1/2 of the order Sales Returne5000 A/R5000 Inventory2750 COGS2750
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