Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i need help putting the values from the transactio

I need help putting the values from the transactions into the t-accounts. ...

90.2K

Verified Solution

Question

Accounting

I need help putting the values from the transactions into the t-accounts. image

image

image

image

image

image

BH20 CORPORATION CASE 2 DateDecember Transactions to Record (all amounts in 000s) 4 4-Dec Made cash sales of $3 million. For simplicity of this case, BH20 Corporation uses a PERIODIC inventory system 67-Dec Purchased $2.4 million of merchandise on account, FOB shipping point Paid $50,000 related freight-in charges 8 11-Dec Customers returned $600,000 of merchandise for credit to their accounts 10 14-Dec Collected $900,000 of accounts receivable (no cash discount) 12 18-Dec Sold land for $7.8 million, The land originally cost $5 million 13 14 20-Dec Made credit sales of $4 million 15 16 21-Dec BH20 returned $300,000 of merchandise to its merchandise inventory supplier. BH20 received suppliers debit mema 17 18 27-Dec Purchased $1.25 million of merchandise for cash 19 20 28-Dec Paid $1.1 million of accounts payable (no cash discount) 21 22 | 31-Dec Purchased land at a cost of $6 million, paid $1 million down; signed a 12%, 2-year note for the balance 23

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students