Accounting Transactions Quiz

March 1, 2025 - Misoy General Merchandise starts with a capital investment. Cash = 10,000 Owner's Equity = 10,000

March 2, 2025 - Bought merchandise inventory worth 5,000 on credit. Inventory = 5,000 Accounts Payable = 5,000

March 3, 2025 - Sold merchandise worth 2,000 on credit (cost of goods sold = 1,200). Accounts Receivable = 2,000 Sales Revenue = 2,000 Cost of Goods Sold = 1,200 Inventory = 1,200 (Reduction of inventory for the goods sold)

March 4, 2025 - Paid 500 for utility expenses. Utility Expense = 500 Cash = 500

March 5, 2025 - Paid 1,500 to suppliers for inventory purchased on March 2. Accounts Payable = 1,500 Cash = 1,500

March 6, 2025 - Received 1,800 from customers on account (Accounts Receivable). Cash = 1,800 Accounts Receivable = 1,800

March 7, 2025 - Purchased office supplies for 300 on credit. Office Supplies = 300 Accounts Payable = 300

March 10, 2025 - Paid salaries of 1,200 to employees. Salaries Expense = 1,200 Cash = 1,200

March 12, 2025 - Sold merchandise for 3,000 in cash (cost of goods sold = 1,800). Cash = 3,000 Sales Revenue = 3,000 Cost of Goods Sold = 1,800 Inventory = 1,800

March 15, 2025 - Adjusted inventory to account for merchandise loss due to damage (200). Inventory Loss = 200 Inventory = 200