Category Archives: Lesson 7

Comprehensive Example

The following events pertain to the Uncle Joe, Inc. for March 2015, its first month of operation. The company uses the perpetual inventory system. 1) Beginning cash balance and retained earnings balance was $10,000 2) March 2: Purchased $8,500 of merchandise on account with terms 2/10, n/30, FOB shipping point. 3) March 2: Paid $500

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