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An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: O a. A credit to inventory of $877 O b. A debit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087

An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: O a. A credit to inventory of $877 O b. A debit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 1 An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: a. A credit to inventory of $877 O b. A děbit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087
Transcribed Image Text:QUESTION 1 An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a supplier who charges $2.85 a piece for orange T-shirts. Printing the logo on the shirt requires an additional $0.70 per shirt. The group places an order for 300 T-shirts and pays a shipping fee of $22 upon receiving the T-shirts. The journal entry on the receipt date should include: a. A credit to inventory of $877 O b. A děbit to inventory of $855 O c. A credit to inventory of $1,065 O d. A debit to inventory of $1,087
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