S8-2 – Total Purchase (Department Store)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Determine the total purchases during the year given inventory and COGS.
Determine the total purchases during the year given inventory and COGS.
Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
Given the purchased inventory costing and the short-term note payable — prepare the journals for the purchase of inventory and accrual of interest.
Given the purchased inventory cost and the short-term note payable — prepare the journal entry for the purchase of inventory and payment of the note.