Week Five Problems and Exercises
ACC/290 Principles of Accounting I

BE-5-1

Presented here are the components in Korinek Company’s income statement.
Determine the missing amounts.

|Sales Revenue | |Cost of Goods | |
| | |Sold | |
|Dec. 15 |Accounts Receivable |900 | |
| | Sales Revenue | |900 |
| |(To record credit sale to Pocras Company) | | |
| | | | |
|15 |Cost of Goods Sold |590 | |
| | Inventory | |590 |
| | (To record cost of goods sold on account) | | |

Pocras Company General Ledger

|Date |Account Title |Debit |Credit |
|Dec. 15 |Inventory |900 | |
| | Accounts Payable | |900 |
| |(To record goods purchased on account from Wedell Company) | | |

BE6-5

In its first