Transaction 2 The corporation quickly acquired $40,000 in inventory, 40% of whic

Question

Transaction 2
The corporation quickly acquired $40,000 in inventory, 40% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.

Options for Account portion:

Cash

Accounts Recievable

Inventory

Prepaid Rent

Fixtures and Equipment

Accounts Payable

Interest Payable

Wages Payable

Notes Payable

Paid-In Capital

Retained Earnings

Leave Blank

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Thank you for your help :)

Explanation / Answer

Hi,

Please find the answer as follows:

Account: Cash Dollar Amount: -16000

Account: Inventory Dollar Amount: 40000

Account: Accounts Payable    Dollar Amount: 24000

Account: Leave Blank Dollar Amount:   

Account: Leave Blank Dollar Amount:

Thanks.   

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