The cost of goods sold during the year was $50,000. merchandise inventories were $12,500 and $10,500 at the beginning and end of the year, respectively. accounts payable (all owed to merchandise suppliers) were $6,000 and $5,000 at the beginning and end of the year, respectively. using the direct method of reporting cash flows from operating activities, cash payments for merchandise total
(a) 47,000
(b) 51,000
(c) 49,000
(d) 53,000

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.