lransaction 2 The company quickly acquired 35000 in inventor

lransaction 2 The company quickly acquired $35,000 in inventory, 60% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash. Account: Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount:

Solution

Answer:

Account

Dollar Amount

Inventory

$35,000

Cash ($35,000 * 60%)

$21,000

Notes Payable ($35,000 * 40%)

$14,000

Account	Dollar Amount
Inventory	$35,000
Cash ($35,000 * 60%)	$21,000
Notes Payable ($35,000 * 40%)	$14,000