- credit debit card machines
- credit and debit card processing
- cash secured credit card
- billing accounts payable
Please help me answer this question. Been stuck on it for ages. I'm assuming you take the difference on the AP and add it to the change in inventory. Not sure.
Using the following information and assuming that all inventory is purchased on account, compute cash paid for inventory:
Cost of goods sold $36,847
Inventory, beginning balance 3,110
Inventory, ending balance 2,990
Accounts payable, beginning balance 2,573
Accounts payable, ending balance 2,720
Using the following information and assuming that all inventory is purchased on account, compute cash paid for inventory:
Cost of goods sold $36,847
Inventory, beginning balance 3,110
Inventory, ending balance 2,990
Accounts payable, beginning balance 2,573
Accounts payable, ending balance 2,720
How do I account for inventory with accounts payable?
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