A	B	C	D	E	F
1		INSTRUCTIONS: enter your own data in the gold-shaded cells and then click Recalculate on the toolbar above.
2		Company name
3		Year (the accounting year-end is December 31).	2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
4		Inventory, beginning of year
5		Accounts payable (to inventory suppliers), beginning of year
6		The following transactions took place during the year:
7		1) Purchases of inventory on credit.
8		2) Purchases of inventory for cash.
9		3) Cash paid to Accounts payable [inventory suppliers]
10		4) Cost of Goods Sold
11		The Inventory account is debited whenever inventory is purchased.
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14		REQUIRED
15		Part [1] Prepare Cliffs of Dooneen Inc.'s journal entries for 2025, including any end-of-year closing journal entries.
16		Part [2] Prepare a reconciliation for 2025 of (a) the income statement's Cost of Goods Sold to (b) the Cash Paid to Inventory Suppliers.
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20		© Brian Conheady.	Prepared for educational use.
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