Exercise 6-6
Debit Credit
Inventory 320,000
Debit Credit
Accounts Receivable 450,000
Cost of Goods Sold 340,000
Exercise 6-7
June 5 Debit Credit
Inventory 1,800
June 9 Debit Credit
Accounts Payable 450
June 16 Debit Credit
Accounts Receivable 2,250
Cost of Goods Sold 1,350
Exercise 6-8
Requirement 1
June 5 Debit Credit
Inventory 1,800
June 12 Debit Credit
Accounts Payable 1,800
Inventory 72
Requirement 2
June 22 Debit Credit
Accounts Payable 1,800
Exercise 6-9
Requirement 1
May 2 Debit Credit
Inventory 2,500
May 3
Inventory 120
May 5
Accounts Payable 480
May 10
Accounts Payable 2,020
Inventory 101
Cash 1,919
May 30
Accounts Receivable 3,650
Cost of Goods Sold 2,039
Requirement 2
May 24 Debit Credit
Accounts Payable 2,020
Exercise 6-10
July 5 Debit Credit
Inventory 67,200
July 8
Accounts Payable 6,400
July 13
Accounts Payable 60,800
Inventory 1,216
July 28
Accounts Receivable 79,800
Cost of Goods Sold 59,584
a $67,200 (purchase) − $6,400 (return) − $1,216 (discount)
Exercise 6-11
August 6 Debit Credit
Inventory 6,800
August 7
Inventory 200
August 10
Accounts Payable 400
August 14
Accounts Payable 6,400
Inventory 320
August 23
Accounts Receivable 6,900
Cost of Goods Sold 4,710
Exercise 6-12
August 6
Accounts Receivable 6,800
Cost of Goods Sold 5,100
August 10
Sales Returns 400
August 14
Cash 6,080
Sales Discounts 320
Exercise 6-13
Requirement 1
Inventory Quantity
Lower of Cost
or Market
Ending
Inventory
Furniture 80 $240 $19,200
Electronics 52 110 5,720
$24,920
Requirement 2
Debit Credit
Cost of Goods Sold 1,300
Requirement 3
The write-down of inventory has the effects of reducing total assets (inventory),