10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is recorded but not the return. The merchandise is included in the inventory. The financial statements (uncorrected) showed the following: $ 70,000 80,000 75,000 300,000 200,000 20,000 Inventory Accounts receivable Accounts payable Net sales Net purchases Net income Required: Prepare a worksheet with one column for each of the account above (starting with uncorrected balances as shown below) showing the corrections to each balance and the corrected. Avesco Company Working Paper Year ended December 31, 2020 Accounts Accounts Net Net Net No. Inventory Receivable Payable Sales Purchases Income Uncorrected Bal. $70,000 $80,000 $75,000 $300,000 $200,000 $20,000 Adjustments
10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is recorded but not the return. The merchandise is included in the inventory. The financial statements (uncorrected) showed the following: $ 70,000 80,000 75,000 300,000 200,000 20,000 Inventory Accounts receivable Accounts payable Net sales Net purchases Net income Required: Prepare a worksheet with one column for each of the account above (starting with uncorrected balances as shown below) showing the corrections to each balance and the corrected. Avesco Company Working Paper Year ended December 31, 2020 Accounts Accounts Net Net Net No. Inventory Receivable Payable Sales Purchases Income Uncorrected Bal. $70,000 $80,000 $75,000 $300,000 $200,000 $20,000 Adjustments
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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