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6-6. Rock Castle Construction-Accounting transactions resulting from processing purchasing and cash disbursement transactions Required For...

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Accounting

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6-6. Rock Castle Construction-Accounting transactions resulting from processing purchasing and cash disbursement transactions Required For each of the following transactions, select the proper accounting entry from the list provided a. Inventory was received but not paid for on a purchase order. Payment terms were 2% 10, Net 30. I. DR A/C #12100 Inventory Asset 2. DR A/C #12100 Inventory Asset 3. DR A/C #50100 Cost of Goods Sold 4. DR A/C #12100 Inventory Asset 5. None of the above CR A/C #50100 Cost of Goods Sold CR A/C #20000 Accounts Payable CR A/C #20000 Accounts Payable CR A/C #54300 Job Materials b. A purchase order for the purchase of inventory was prepared and saved. I. DR A/C #12100 Inventory Asset 2. DR A/C #12100 Inventory Asset 3. DR A/C #50100 Cost of Goods Sold CR A/C #50100 Cost of Goods Sold CR A/C #20000 Accounts Payable CR A/C #20000 Accounts Payable CR A/C #12100 Inventory Asset 4. DR A/C #50100 Cost of Goods Sold 5. None of the above (no accounting entry necessary)

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