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Essay Details:
Essay text:
The store purchased and received merchandise for inventory for $5000, agreeing to pay within 30 days.
= Inventory – 5000, Accounts Receivable – 5000
2. Merchandise costing $1,500 was sold for $2,300. which was received in Cash.
= Cash - $2300 , Inventory – 1,500, Retained Earnings – 800
3. Merchandise costing $1,700 was sold for $2,620, the customers agreeing to pay $2620 within 30 days.
= Inventory – 1700, Accounts Receivable $2620, Retained Earnings - $920
4. The store purchased a 3-year fire insurance policy for $1224, paying cash.
= Cash – 1224, Prepaid Insurance – 1224
5...
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