Exercise 6-21B Complete the accounting cycle using inventory
transactions (LO6-2, 6-3, 6-5, 6-6, 6-7)
[The following information applies to the questions
displayed below.]
On January 1, Year 1, the general ledger of a company includes
the following account balances:
Accounts
Debit
Credit
Cash
$
22,500
Accounts Receivable
38,000
Allowance for Uncollectible Accounts
$
3,700
Inventory
33,000
Land
66,100
Accounts Payable
30,900
Notes Payable (8%, due in 3 years)
33,000
Common Stock
59,000
Retained Earnings
33,000
Totals
$
159,600
$
159,600...