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Santa Fe Art Gallery

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Submitted By kriz89
Words 555
Pages 3
Veses, Kristopher Anthony M. July 9, 2011

MBA – 1 Control 1

Case 3: Santa Fe Art Gallery

MONTH OF September

Sept. 2 – Decrease cash by $3,000

Inventory $3,000

Cash $3,000

Sept. 5 – Gain cash by 2,500 and decrease in inventory

Cash $2,500

Inventory $2,500

Cost of Sales $1,000

Inventory $1,000

Sept. 9 – Gain cash by 1,200 and give 5 percent commission on sales by to randy

Cash $1,200

Inventory $1,200

Cost of Sales $600

Inventory $600

Sept. 16 – Gain Cash by $15,750

Cash $15,750

Inventory $15,750

Cost of Sales $8,000

Inventory $8,000

Sept. 22 – decrease cash by 3,250 for display cabinet

Furniture & fixtures $3,250

Cash $3,250

Sept. 27 – Increase cash by 5,500

Cash $5,500

Inventory $5,500

Cost of Sales $2,000

Inventory $2,000

Sept. 28 – received deposit worth $200

Cash $200

Accrued sales $200

Sept 29 – Decrease cash by $1,010

General expense $810

Cash $810

Furniture and Fixtures $200

Dep. Expense $200

Sept 30 – Pat wrote a check to randy for the month of September for his commision

NO ENTRY

FOR THE MONTH OF OCTOBER

Oct 2 – Increase cash by $6,500

Cash $6,500

Inventory $6,500

Cost of sales $3,000

Inventory $3,000

Oct. 5 – Decrease cash by $11,700

Inventory $11,700

Cash $11,700

Oct. 8 – Gain cash by $1620

Cash $750

Inventory $750

Cash $870

Inventory $870

Cost of Sales $300

Inventory $300

Cost of Sales $400

Inventory $400

Oct 12 – Gain cash by $1200

Cash $1,200

Inventory $1,200

Cost of Sales $500

Inventory $500

Oct 16 – Decrease cash by 950

Inventory $950

Cash $950

Oct 18 – Gain Cash by $6,200

Cash $6,200

Inventory $6,200

Cost of Sales $2,500

Inventory $2,500

Oct. 22 – Gain cash by $375

Cash $375

Inventory $375

Cost of sales $150

Inventory $150

Oct. 23 – Gain cash by $500

Cash $500

Inventory $500

Cost of Sales $100

Inventory $500

Oct. 26 – Received deposit worth $500

Cash $500

Accrued Sales $500

Oct 27 – Received deposit worth $400

Cash $400

Accrued Sales $400

Oct 29 - Decrease cash by $1,025

General expense $825

Cash $825

Furniture & Fixtures $200

Cash $200

Oct 30 – Gain cash by $4,200

Cash $4,200

Inventory $4,200

Cost of Sales $2,000

Inventory $2,000

Oct 31 – Pat wrote check for the month of October to randy

NO ENTRY

Q 2.

The events which did not affect the income statements are the following:

Sept. 22 – decrease cash by 3,250 for display cabinet

Furniture & fixtures $3,250

Cash $3,250

-( Because this is consider in the part of balance sheet by buying furniture’s.

Oct 31 – Pat wrote check for the month of October to randy for his commission.

NO ENTRY

Sept 30 – Pat wrote a check to randy for the month of September for his commission

NO ENTRY

--( no transaction involve

Q 4.

The month of October the gallery did the best as we can see the income statement, many sales is on the month of September but on that month the gallery buy many inventories on different artist and while in the month of October less sales but less also of buying of inventories so bigger profit.

f

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