Analyze the following transactions in the accounting equation using the following worksheet.
1.Sales of inventory for $20,000 on account; merchandise cost is $13,000.
2.Rent payment made in advance for $1,500.
3.Acquire additional inventory for $8,000; paid $2,000 cash with remainder on credit.
4.Received payment of $4,000 from customer who purchased goods on credit last month.
5.Returned defective inventory in the amount of $500.The inventory was purchased on account.
$\begin{array} {| c | c | c | c | c | c | c| }
\hline&\text { Cash }& { \text { Acccunts Receivable } } &\text { Inventory }& { \text { Prepaid Rent} } & \text { Accounts Payable} & \text { Retained Earnings } \
\hline 1 & & & & & & \
\hline 1 & & & & & & \
\hline 2 & & & & & & \
\hline 3 & & & & & & \
\hline 4 & & & & & & \
\hline 5 & & & & & & \
\hline
\end{array}$

Question

Analyze the following transactions in the accounting equation using the following worksheet.
1.Sales of inventory for $20,000 on account; merchandise cost is $13,000.
2.Rent payment made in advance for $1,500.
3.Acquire additional inventory for $8,000; paid $2,000 cash with remainder on credit.
4.Received payment of $4,000 from customer who purchased goods on credit last month.
5.Returned defective inventory in the amount of $500.The inventory was purchased on account.
 $\begin{array} {|  c | c | c | c | c | c | c|  } 
\hline&\text { Cash }& { \text { Acccunts Receivable } } &\text { Inventory }&  { \text { Prepaid Rent} } & \text { Accounts Payable} & \text { Retained Earnings } \
\hline 1 & &  & & & &  \
\hline 1 & & & & & &  \
\hline 2 & & & &  & & \
\hline 3 & & &  & & & \
\hline 4 & &  & & & & \
\hline 5 & & &  & &  & \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Analyze the following transactions in the accounting equation using the following worksheet.
1.Sales of inventory for $20,000 on account; merchandise cost is $13,000.
2.Rent payment made in advance for $1,500.
3.Acquire additional inventory for $8,000; paid $2,000 cash with remainder on credit.
4.Received payment of $4,000 from customer who purchased goods on credit last month.
5.Returned defective inventory in the amount of $500.The inventory was purchased on account.
 $\begin{array} {|  c | c | c | c | c | c | c|  } 
\hline&\text { Cash }& { \text { Acccunts Receivable } } &\text { Inventory }&  { \text { Prepaid Rent} } & \text { Accounts Payable} & \text { Retained Earnings } \
\hline 1 & &  & & & &  \
\hline 1 & & & & & &  \
\hline 2 & & & &  & & \
\hline 3 & & &  & & & \
\hline 4 & &  & & & & \
\hline 5 & & &  & &  & \
\hline
\end{array}$

Analyze the Following Transactions in the Accounting Equation Using the Following