Business, 14.03.2020 05:27 ashtonbillups
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 $27,500 cash from the issue of common stock.
Purchased inventory for $22,000 cash.
Sold inventory costing $15,600 for $30,500 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
Answers: 3
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Dan Watson started a small merchandising business in Year 1. The business experienced the following...
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