Three former college classmates have decided to pool a variety of work experienc
ID: 2374152 • Letter: T
Question
Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.
Transaction 2
The corporation quickly acquired $38,000 in inventory, 40% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash.
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
For account parts, you should choose from options below:
Cash,
Accounts Receivable,
Inventory,
Prepaid Rent,
Fixtures and equipments,
Accounts Payable,
Interest Payable,
Wages Payable,
Notes Payable,
Paid-in Capital,
Retained Earnings,
Leave Bank
Explanation / Answer
inventory a/c dr. 38000
to cash a/c 22800
to accounts payablesa/c 15200