Valix Finacc vol 1 Problem 7-9

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 7-9

1. Inventory                                                                                            50,000

            Income summary                                                                                                   50,000

2. Accounts payable                                                                             75,000

            Purchases                                                                                                                75,000

3. Purchases                                                                                           30,000

            Accounts payable                                                                                                 30,000

    Inventory                                                                                           30,000

            Income summary                                                                                           30,000

4. Income summary                                                                               90,000

            Inventory                                                                                                        90,000

5. Purchases                                                                                         140,000

            Accounts payable                                                                                        140,000