Cash Paid for Merchandise Douglas Company's cost of goods sold for 20-2 was $400,000. The December 31, 20-2 and 20-1, balances of Merchandise Inventory and Accounts Payable were as follows: 20-2 20-1 Merchandise Inventory $60,000 $80,000 Accounts Payable 30,000 70,000 Compute the amount of cash paid for merchandise in 20-2.
Cash Paid for Merchandise Douglas Company's cost of goods sold for 20-2 was $400,000. The December 31, 20-2 and 20-1, balances of Merchandise Inventory and Accounts Payable were as follows: 20-2 20-1 Merchandise Inventory $60,000 $80,000 Accounts Payable 30,000 70,000 Compute the amount of cash paid for merchandise in 20-2.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...
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Cash Paid for Merchandise
Douglas Company's cost of goods sold for 20-2 was $400,000.
The December 31, 20-2 and 20-1, balances of Merchandise Inventory and Accounts Payable were as follows:
20-2 | 20-1 | |
Merchandise Inventory | $60,000 | $80,000 |
Accounts Payable | 30,000 | 70,000 |
Compute the amount of cash paid for merchandise in 20-2.
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