The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase...
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The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $210,000 2. Pay $53,000 in salaries to employees for work performed during the monthly 3. Sell merchandise that cost $146,000 to customers on account for $265,000 4. Collect $245,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $190,000.
The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $210,000 2. Pay $53,000 in salaries to employees for work performed during the monthly 3. Sell merchandise that cost $146,000 to customers on account for $265,000 4. Collect $245,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $190,000. The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $210,000 2. Pay $53,000 in salaries to employees for work performed during the monthly 3. Sell merchandise that cost $146,000 to customers on account for $265,000 4. Collect $245,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $190,000. Analyze each transaction and show the effects of each on the accounting equation. Note: Amounts to be deducted should be indicated by a minus sign
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