Essay About Accounts Receivableð And Success Systems

Country Vs City Living
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Wages Expense
Wages Payable
Cash
Paid employee.
Cash
10,000
A. Lopez, Capital
10,000
Additional investment by owner.
Merchandise Inventory
5,700
Accounts Payable
5,700
Purchased merchandise on credit.
Cash
3,500
Accounts Receivable—Gomez Co.
106.6
3,500
Collected accounts receivable.
11
Accounts Receivable—Alex’s Eng. Co
106.1
6,500
Unearned Computer Services Revenue
2,500
Computer Services Revenue
9,000
Completed work on project.
13
Accounts Receivable—Chang Corp.
106.5
6,000
Sales
6,000
Sold merchandise on credit.
13
Cost of Goods Sold
4,080
Merchandise Inventory
4,080
To record cost of Jan. 13 sale.
15
Merchandise Inventory
Paid freight on incoming merchandise.
16
Cash
5,600
Computer Services Revenue
5,600
Collected cash revenue from customer.
Serial Problem — SP 5 (Continued)
Jan. 17
Accounts Payable
5,700
Merchandise Inventory
Cash
5,643
Paid account payable within discount period. (Discount taken = $5,700 x .01 = $57)
20*
Sales Returns and Allowances
Accounts Receivable—Chang Corp.
106.5
Customer returned defective goods.
Success Systems leaves the cost of defective products in its costs