Use the Reconciliation Approach to Determine Cash Paid for Inventory

question 104

Essay

Use the reconciliation approach to determine cash paid for inventory for the Ji Company.Assume all inventory is bought on account and the Accounts Payable account is used only for inventory.Beginning and ending balances of merchandise inventory were $12,400 and $18,800,respectively.Beginning and ending balances of accounts payable were $4,000 and $2,800,respectively.Sales revenue amounted to $137,024 and cost of goods sold equaled $83,808.

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