Donalds dresses dd experienced the following events in 2014, Financial Accounting

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Donalds dresses dd experienced the following events in 2014

Donalds Dresses (DD) experienced the following events in 2014 and uses the perpetual inventory method. For each event, show how cash, the balance sheet (A=L+E) and the income statement (R-E=NI) are affected.

1. DD purchased (on account) merchandise inventory for $54,000.

2. The freight terms for the inventory merchandise in #1 were FOB shipping point. DD paid the freight cost of $1,000 in cash.

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Financial Accounting: Donalds dresses dd experienced the following events in 2014

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