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ACC205 Week3 Discussion Topic 1 Purchases, Sales, and Inventory Items.

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ACC205 Week3 Discussion Topic 1 Purchases, Sales, and Inventory Items.
From chapter 5, complete E5-17 and E5-19 and post to the discussion board by day 3.
Complete all parts of the problems and report back to the group the results of your
analysis. Do not forget to show the necessary steps and explain how you attained that
outcome. Respond to at least two of your classmates’ postings.
Problem E5-17: Journalize, without explanations, the following transactions of
Soul Art Gift Shop during the month of February: (pp. 256-264).
Date
Account Title
Debit
Credit
Feb. 3
Inventory
2,000
Accounts Payable
2,000
Feb. 7
Accounts Payable
300
Inventory
300
Feb. 9
Inventory
50
Cash
50
Feb. 10
Accounts Receivable
3,100
Sales Revenue
3,100

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Feb. 10
Cost of Goods Sold
1,700
Inventory
1,700
Feb. 12
Accounts Payable
1,700
Cash (1700 x 0.98)
1,666
Inventory (1700 x 0.02)
34
Feb. 16
Sales Returns and Allowances
500
Accounts Receivable
500
Feb. 23
Cash
2,522
Sales Discounts (2600 x .03)
78
Accounts Receivable
2,600
Problem E5-19: Supply the missing income statement amounts in each of the
following situations: (p. 270).

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ACC205 Week3 Discussion Topic 1 Purchases, Sales, and Inventory Items.   From chapter 5, complete E5-17 and E5-19 and post to the discussion board by day 3.  Complete all parts of the problems and report back to the group the results of your analysis.  Do not forget to show the necessary steps and explain how you attained that outcome.  Respond to at least two of your classmates’ postings.   Problem E5-17:  Journalize, without explanations, the following transactions of Soul Art Gift Shop during the month of February: (pp. 256-264).   Date Account Title Debit Credit Feb. 3 Inventory 2,000           Accounts Payable 2,000     Feb. 7 Accounts Payable 300            Inventory 300     Feb. 9 Inventory 50             Cash 50     Feb. 10 Accounts Receivable 3,100              Sales Revenue 3,100     Feb. 10 Cost of Goods Sold 1,700                Inventory 1,700     Feb. 12 Accounts Payable 1,700                 Cash (1700 x 0.98) 1,666                 Inventory (1700 x 0.02) 34     Feb. 16 Sales Returns and Allowances 500                  Accounts Receivable 500     Feb. 23 Cash 2,522   Sales Discounts (2600 x .03) 78                  Accounts Receivable 2,600   Problem E5-19:  Supply the missing income statement amounts in each of the following situations: (p. 270).   Sales Sales Discounts Net Sales ...
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