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Student Name ti Ravi ACCI11 -Financial Accounting Fall, 2012 Professor Kenneth J. Horowitz Test #2...

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Accounting

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Student Name ti Ravi ACCI11 -Financial Accounting Fall, 2012 Professor Kenneth J. Horowitz Test #2 nstructions: This test contains four () problems, each of equal value. You may write your answers directly 1. Prepare journal entries, in good form, to record the following four transactions for the Duh Company using the below w each problem or on the reverse side of the page. Exercise care and check your work before you submit it. perpetual inventory method. I. 2. 3. 4. June 1 - purchased on account inventory costing S15,000 terms 2/10 n/30. June 9 - returned inventory costing $1,500 that was purchased on June 1. June 10- paid for the merchandise purchased on June 1. June 15-sold one half of its inventory for $12,000 cash. (Assume the inventory purchased on June 1 was the company's only inventory.)

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