|Accounting I||© 2008 Tibebe S. Mengistu|
A University Bookstore ordered 500 copies of an introductory economics textbook from a publisher on
July 17, 20X8. The books
1. Prepare the journal entries (if any) for the publisher on
2. Suppose this was the only sales transaction in 20X8. Prepare the revenue section of the
publisher's income statement.
Gemini Company borrowed $100,000 from First Bank at 8% interest. The loan agreement stated that a
compensating balance of
International Metal Products, Inc reported the following in the 20X8 statement. ($ in thousands):
1. Prepare the revenue section of the 20X8 income statement.
Assume that all sales were on credit and all accounts receivables for 20X8 sales were collected in