On December 1, 2022 Ivanhoe Company had the following account balances. Debits Credits Cash $18,700...
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On December 1, 2022 Ivanhoe Company had the following account balances. Debits Credits Cash $18,700 Accumulated Depreciation-Equipment $3,090 Notes Receivable 2,280 Accounts Payable 6,080 Accounts Receivable 7,610 Common Stock 49,800 Inventory 16,900 Retained Earnings 20,240 Prepaid Insurance 1,720 Equipment 32,000 $79,210 $79,210 During December, the company completed the following transactions. Dec. 7 Received $3,770 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Green Co. $12,900, terms 1/10,n/30. 12 17 Sold merchandise on account $16,000, terms 2/10,n/30. The cost of the merchandise sold was $10,200. Paid salaries $1,910. 19 22 Paid Green Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 3 31 Received $2.680 cash from customers in payment of account (no discount allowed). Date Account Titles and Explanation Debit Credit Dec 7 Dec 12 V Dec 17 (To record sales revenue) Dec 17 (To record cost of goods sold) Dec 19 DINN MED Dec 22 Dec. 26 Dec 31 V INI
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