Concept explainers
Review the following transactions, and prepare any necessary
A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16.
B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10.
C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%.
D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
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Principles of Accounting Volume 1
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- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College