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Prepare the journal entries to record the following transactions related to buying and selling inventory. Company A purchased 100 units of inventory for $250 each from Company B on account. DR I %24 CR Company A paid for the inventory. DR CR 24 %24 %24

Prepare the journal entries to record the following transactions related to buying and selling inventory. Company A purchased 100 units of inventory for $250 each from Company B on account. DR I %24 CR Company A paid for the inventory. DR CR 24 %24 %24

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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Company A recorded one month of service provided to the customer from the bundle sale. DR CR %24 %24
Transcribed Image Text:Company A recorded one month of service provided to the customer from the bundle sale. DR CR %24 %24
Prepare the journal entries to record the following transactions related to buying and selling inventory. Company A purchased 100 units of inventory for $250 each from Company B on account. DR I 24 CR %24 Company A paid for the inventory. DR CR 24 Company A sold one of the units with 3 months of service as a bundle sale for $900 cash. The inventory is sold individually for $800 and the service is sold individually for $200. DR $4 CR $ I CR DR %24 CR $4 %24 %24 %24 %24
Transcribed Image Text:Prepare the journal entries to record the following transactions related to buying and selling inventory. Company A purchased 100 units of inventory for $250 each from Company B on account. DR I 24 CR %24 Company A paid for the inventory. DR CR 24 Company A sold one of the units with 3 months of service as a bundle sale for $900 cash. The inventory is sold individually for $800 and the service is sold individually for $200. DR $4 CR $ I CR DR %24 CR $4 %24 %24 %24 %24
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