Winter South is a national grocery chain. Selected balance sheet data follows:
A. During its year ending June 31, 2016, Winter South purchased on account, $2,442,278 thousand of inventory for sale in its stores. Prepare the entry, using the financial statement effects template and in journal entry form, to record cost of goods sold for the year ended June 31, 2016.
B. What amount of cash did Winter South pay to its suppliers during its year ending June 31, 2016?

Question

Winter South is a national grocery chain. Selected balance sheet data follows:
  A. During its year ending June 31, 2016, Winter South purchased on account, $2,442,278 thousand of inventory for sale in its stores. Prepare the entry, using the financial statement effects template and in journal entry form, to record cost of goods sold for the year ended June 31, 2016.
B. What amount of cash did Winter South pay to its suppliers during its year ending June 31, 2016?

Quizplus · Accepted Answer

The Answer of Winter South is a national grocery chain. Selected balance sheet data follows:
  A. During its year ending June 31, 2016, Winter South purchased on account, $2,442,278 thousand of inventory for sale in its stores. Prepare the entry, using the financial statement effects template and in journal entry form, to record cost of goods sold for the year ended June 31, 2016.
B. What amount of cash did Winter South pay to its suppliers during its year ending June 31, 2016?

Winter South Is a National Grocery Chain