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.
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Determine the total purchases during the year given inventory and COGS.
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Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
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Given the purchased inventory costing and the short-term note payable — prepare the journals for the purchase of inventory and accrual of interest.
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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.
Your numbers will vary.