OWv2 | Onine Cengage Learning eAssignment/takeAssignment Main.do?invoker assignm

Question

OWv2 | Onine Cengage Learning eAssignment/takeAssignment Main.do?invoker assignments&itakeAssignmentSessionlocator; assignment-takedinprogress false S SunGard Higher Edu S leas Southern Univ y Twitter ?, Mac milan Launc hpa e Chegg Study Order Sam proyect 9 Freel eBook 14 Show Me How ?Calculator a. Sold merchandise for cash, $22,410. The cost of the goods sold was $13,450. (Record the sale first.) Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable . Sold merchandise on account, $8.330. The cost of the goods sold was $5.000. (Record the sale fr Accounts Payable c. Sold merchandise to customers who used MasterCard and vISA $103,690. The cost of the poods sold was $62,210. (Record the sale Sirst.)

Explanation / Answer

(a) (i) Cash a/c dr 22410 (ii) COGS a/c dr 13450*

to Sales 22410 to Purchase 13450

Note: we have assumed all COGS from Purchase.

(b) (i) Debtors a/c dr 8330 (ii) COGS a/c  dr 5000*

to Sales 8330 to Purchase 5000

Note: we have assumed all COGS from Purchase.

(c) (i) Bank a/c # dr 103690 (ii) COGS a/c  dr 62210*

to Sales 103690 to Purchase 62210

Note: we have assumed all COGS from Purchase.

(d) (i) Bank a/c # dr 34100 (ii) COGS a/c  dr 20460*

to Sales 34100 to Purchase 20460

Note: we have assumed all COGS from Purchase.

# It doesn't matter whether customers are using either master card or American express. ultimately we have to recover the amount from bank in which we have our account.

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