Preparing Journal Entries for Lowe's Merchandising Transactions

Income Impact and Dollar Amount:

  • Aug. 1: No impact on income
  • Aug. 5: +$1,200
  • Aug. 8: No impact on income
  • Aug. 9: -$125
  • Aug. 10: -$200
  • Aug. 12: No impact on income
  • Aug. 14: No impact on income
  • Aug. 15: -$92
  • Aug. 18: +$50
  • Aug. 19: +$2,400
  • Aug. 22: -$500
  • Aug. 29: -$43
  • Aug. 30: No impact on income

Comparing the total income impact of all transactions, Lowe's experienced a net increase of $2,690 in income.

← Developing an instruction manual with budget constraints Accounting for land exchange a journey to fair value →

More Posts: