[CPAforXMAS]

I’m pretty sure this has been asked before, but since I cannot find it…

Say you have this journal entry:

Inventory 12000

Cost of Sales 2000

Accounts Payable 14000

I answered it that way (the above entry), but Becker’s solution is:

Inventory 12000

Accounts Payable 12000

Cost of Sales 2000

Accounts Payable 2000

Does anyone know if we answer it the first way if that will be correct still? I mean I obviously can make sure to do it the other way, but I’m just worried I would forget to separate them.

Thanks guys!

AUD: 88 (5/24/2012)
REG: 88 (7/7/2012)
BEC: 80 (8/29/2012)
FAR: Fail (didn't study), Fail (sick), PRAYING! (11/14/2013)

[CPAforXMAS]

Also, do we have any idea how nice they are on partial credit? Like if you had the correct amount AND correct accounts but accidentally debited when you should have credited? Like just where they were reversed?

AUD: 88 (5/24/2012)
REG: 88 (7/7/2012)
BEC: 80 (8/29/2012)
FAR: Fail (didn't study), Fail (sick), PRAYING! (11/14/2013)

[Author]

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