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  • BSA401 Prob3Solutions

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    Mayy Pineda
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    The document shows accounting transactions involving retained earnings, purchases, accounts payable, inventory, and cost of sales. Transaction c records purchases of $7,260 on accounts payable. Transaction e records purchases of $1,500 split between inventory, cost of sales, and accounts payable. The answer is that transaction c is correctly recorded for all transactions.

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    BSA401-Prob3Solutions

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    The document shows accounting transactions involving retained earnings, purchases, accounts payable, inventory, and cost of sales. Transaction c records purchases of $7,260 on accounts payable. Transaction e records purchases of $1,500 split between inventory, cost of sales, and accounts payable. The answer is that transaction c is correctly recorded for all transactions.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    8 views1 page

    BSA401 Prob3Solutions

    Uploaded by

    Mayy Pineda
    The document shows accounting transactions involving retained earnings, purchases, accounts payable, inventory, and cost of sales. Transaction c records purchases of $7,260 on accounts payable. Transaction e records purchases of $1,500 split between inventory, cost of sales, and accounts payable. The answer is that transaction c is correctly recorded for all transactions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Solution

    a. Retained earnings 3,260


    Purchases 3,260

    b. Beginning inventory 4,100


    Retained earnings 4,100

    c. Purchases 7,260
    Accounts payable 7,260

    d. Inventory 3,600
    Cost of sales 3,600

    e. Inventory 1,500
    Cost of sales 1,500
    Purchases 1,500
    Accounts payable 1,500

    Answer: 1. c 2. c 3. c 4. a

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