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  • IA3 - 01 Activity 2

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    Dorina Marciano
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    The document shows sales and purchases figures for a business. Total gross sales were $1,940,000 which included cash sales, accounts receivable, and cash received from customers less returns and write-offs. Total gross purchases were $1,600,000 which included cash purchases, notes payable, returns, and cash paid to creditors.

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    The document shows sales and purchases figures for a business. Total gross sales were $1,940,000 which included cash sales, accounts receivable, and cash received from customers less returns and write-offs. Total gross purchases were $1,600,000 which included cash purchases, notes payable, returns, and cash paid to creditors.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    9 views1 page

    IA3 - 01 Activity 2

    Uploaded by

    Dorina Marciano
    The document shows sales and purchases figures for a business. Total gross sales were $1,940,000 which included cash sales, accounts receivable, and cash received from customers less returns and write-offs. Total gross purchases were $1,600,000 which included cash purchases, notes payable, returns, and cash paid to creditors.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 1

    Cash Sales 300,000

    Accounts Receivable 370,000


    Cash received from account customers 1,500,000
    Notes Receivable - 200,000
    Sales returns (50,000 refunded) 30,000
    Accounts written-off - 60,000
    Total Gross Sales 1,940,000

    Cash purchases 250,000


    Notes payable — trade 200,000
    Purchase returns (30,000 was refunded) - 50,000
    Cash payment to trade creditors 1,200,000
    Total gross purchases 1,600,000

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