Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31. Assume that Sarasota Paper uses a perpetual inventory system and that the company sells any inventory on hand at the end of one month by the end of the next month. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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uestion 4 of 4
3.577
Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31.
Assume that Sarasota Paper uses a perpetual inventory system and that the company sells any inventory on hand at the end of
one month by the end of the next month. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 30
July 31
August 31
Transcribed Image Text:uestion 4 of 4 3.577 Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31. Assume that Sarasota Paper uses a perpetual inventory system and that the company sells any inventory on hand at the end of one month by the end of the next month. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 July 31 August 31
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You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August.
Paper Inventory (in tonnes)
Cost/Tonne
NRV/Tonne
June 30
16,090
$830
$891
July 31
16,760
891
857
August 31
15,640
857
830
(a)
Your Answer
Correct Answer
Transcribed Image Text:Show Attempt History Current Attempt in Progress You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) Cost/Tonne NRV/Tonne June 30 16,090 $830 $891 July 31 16,760 891 857 August 31 15,640 857 830 (a) Your Answer Correct Answer
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