Business, 06.03.2020 15:21 ityeoboy2210
Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. Acquired $28,500 cash from the issue of common stock. Purchased inventory for $22,800 cash. Sold inventory costing $15,900 for $30,000 cash. Required a. Record the events in general journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1?
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Dan Watson started a small merchandising business in Year 1. The business experienced the following...
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