Business, 19.02.2020 01:13 starwarsfan392
Effect of purchase returns and allowances and purchase discounts on the financial statements: Perpetual systemThe following events were completed by Dana's Imports in September 2018:Sept. 1 Acquired $50,000 cash from the issue of common stock.1 Purchased $28,000 of merchandise on account with terms 2/10,n/30.5 Paid $600 cash for freight to obtain merchandise purchased on September 1.8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10,n/308 Returned $600 of defective merchandise purchased on September 1 purchase to the supplier.10 Paid cash from the balance due on the merchandise purchased on September 1.20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period.30 Paid $2,450 cash for selling expenses. a. Record each event in a statements model like the following one. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30.c. Prepare a statement of cash flows for the month ending September 30.d. Explain why there is a difference between net income and cash flow from operating activitie
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Effect of purchase returns and allowances and purchase discounts on the financial statements: Perpet...
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