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

May 5th, 2015
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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).DateAccount TitleDebitCreditFeb. 3Inventory2,000 Accounts Payable2,000Feb. 7Accounts Payable300 Inventory300Feb. 9Inventory50 Cash50Feb. 10Accounts Receivable3,100 Sales Revenue3,100Feb. 10Cost of Goods Sold1,700 Inventory1,700Feb. 12Accounts Payable1,700 Cash (1700 x 0.98)1,666 Inventory (1700 x 0.02)34Feb. 16Sales Returns and Allowances500 Accounts Receivable500Feb. 23Cash2,522Sales Discounts (2600 x .03)78 Accounts Receivable2,600Problem E5-19: Supply the missing income statement amounts in each of the following situations: (p. 270).SalesSales DiscountsNet Sales

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