Music Mart
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Title: Music Mart

Essay Details:

Subject: Business
Author: Estelle B
Date: May 1, 2016
Grade: B
Length: 2 / 406

Essay text:

The store purchased and received merchandise for inventory for $5000, agreeing to pay within 30 days. = Inventory – 5000, Accounts Receivable – 5000 2. Merchandise costing $1,500 was sold for $2,300. which was received in Cash. = Cash - $2300 , Inventory – 1,500, Retained Earnings – 800 3. Merchandise costing $1,700 was sold for $2,620, the customers agreeing to pay $2620 within 30 days. = Inventory – 1700, Accounts Receivable $2620, Retained Earnings - $920 4. The store purchased a 3-year fire insurance policy for $1224, paying cash. = Cash – 1224, Prepaid Insurance – 1224 5...

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