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Point 1: The following data pertains to House Solutions Inc. for the year ended December 31, 2019: Sales (25% were cash sales) during the year $1,100,600 Cost of goods sold during the year 690,300 Beginning inventory 319,800 Purchases (10% were cash purchases) during the year 738,200
Required
Question a. Prepare journal entries to record sales, cost of goods sold, and the purchase of inventory during 2019 using the perpetual inventory system.
Question b. Compute the balance in the inventory account on December 31, 2019.
The equipment was used for 8,000 hours during 2006, 7,500 hours in 2007, and 5,500 hours in 2008. Instructions Determine the amount of depreciation expense for the years ended December 31, 2006
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