Question

The company quickly acquired $41,000 in inventory, 40% of which was paid for in cash. The...

The company quickly acquired $41,000 in inventory, 40% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.

Account:     

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank   

Dollar amount:   

Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank

Business   Accounting   
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Homework Answers

Answer #1

Answer:-Cash Accounts ($41000*40%)        =$16400

               Inventory                                          =$41000

             Accounts payable ($41000-$16400) =$24600

Explanation:-

Journal Entry:-
No. General Journal Debit Credit
$ $
1 Inventory Accounts 41000
Cash Accounts 16400
Accounts Payable 24600
(Being inventory purchased)
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