P210 51A Inventory

Sheet3 Sheet2 Sheet1 Problem 5-1A Page 210 Ref Description Dr Cr Inventory Accounts Payable Cash Terms FOB destination transport is payable by seller Revenue Accounts Receivable Cost of Sales Inventory FOB shipping, transport is payable by us, the buyer, Seller paid it, increasing the amount we owe to the seller Transport Expense Cash FOB destination. Trtansport is our , the seller, cost Sale Sale return discount 2% Sales Discount transport Return discount 1% Revenue Returns/allowances Sales allowance, inventory not returned Income Statement Aug Stone Company Less Sales Returns/Allowances Sales Discounts Net Sales Gross Income Transport Costs etc Assets Capital Bal Sheet Extract Stone Company 31 August 8/1/2009 0000.00 0000.00 8/4/2009 000.00 000.00 8/5/2009 0000.00 0000.00 0000.00 0000.00 8/8/2009 0000.00 0000.00 8/9/2009 000.00 000.00 8/10/2009 000.00 000.00 000.00 000.00 8/12/2009 000.00 000.00 8/15/2009 0000.00 0000.00 00.00 000.00 0000.00 0000.00 00.00 0.00 0000.00 8/18/2009 0000.00 0000.00 00.00 000.00 0000.00 0000.00 00.00 0.00 000.00 0000.00 8/19/2009 0000.00 0000.00 0000.00 0000.00 8/22/2009 000.00 000.00 8/29/2009 0000.00 0000.00 00.00 000.00 0000.00 0000.00 00.00 0.00 8/30/2009 0000.00 0000.00 0000.00 0000.00 0000.00 000.00 0000.00 0000.00 0000.00 0000.00 000.00 -0000.00 0000.00 0000.00 0000.00