Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
$$\begin{array} { c c c c c }
\text { Situation } & \begin{array} { c }
\text { Cost of } \
\text { goods sold }
\end{array} & \begin{array} { c }
\text { Inventory } \
\text { inc (dec) }
\end{array} & \begin{array} { c }
\text { Account } \
\text { payable } \
\text { inc (dec) }
\end{array} & \begin{array} { c }
\text { Cash paid } \
\text { to suppliers }
\end{array} \
1 & 400,000 & 6,000 & 0 & \
2 & 400,000 & 0 & 7,000 & \
3 & 100,000 & 6,000 & 7,000 & \
4 & 100,000 & ( 6,000 ) & ( 7,000 ) &
\end{array}$$

Question

Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
 $$\begin{array} { c c c c c } 
\text { Situation } & \begin{array} { c } 
\text { Cost of } \
\text { goods sold }
\end{array} & \begin{array} { c } 
\text { Inventory } \
\text { inc (dec) }
\end{array} & \begin{array} { c } 
\text { Account } \
\text { payable } \
\text { inc (dec) }
\end{array} & \begin{array} { c } 
\text { Cash paid } \
\text { to suppliers }
\end{array} \
1 & 400,000 & 6,000 & 0 & \
2 & 400,000 & 0 & 7,000 & \
3 & 100,000 & 6,000 & 7,000 & \
4 & 100,000 & ( 6,000 ) & ( 7,000 ) &
\end{array}$$

Quizplus · Accepted Answer

The Answer of Prepare the summary entries necessary to determine the amount of cash paid to suppliers for each of the four independent situations below.
 $$\begin{array} { c c c c c } 
\text { Situation } & \begin{array} { c } 
\text { Cost of } \
\text { goods sold }
\end{array} & \begin{array} { c } 
\text { Inventory } \
\text { inc (dec) }
\end{array} & \begin{array} { c } 
\text { Account } \
\text { payable } \
\text { inc (dec) }
\end{array} & \begin{array} { c } 
\text { Cash paid } \
\text { to suppliers }
\end{array} \
1 & 400,000 & 6,000 & 0 & \
2 & 400,000 & 0 & 7,000 & \
3 & 100,000 & 6,000 & 7,000 & \
4 & 100,000 & ( 6,000 ) & ( 7,000 ) &
\end{array}$$

Prepare the Summary Entries Necessary to Determine the Amount of Cash