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QUESTION 9

QUESTION 9

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 9 Gullett Corporation had $31,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $80,000 of raw materials. The journal entry to record the purchase of raw materials would include a: debit to Raw Materials of $111,000 debit to Raw Materials of $80,000 credit to Raw Materials of $80,000 credit to Raw Materials of $111,000
Transcribed Image Text:QUESTION 9 Gullett Corporation had $31,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $80,000 of raw materials. The journal entry to record the purchase of raw materials would include a: debit to Raw Materials of $111,000 debit to Raw Materials of $80,000 credit to Raw Materials of $80,000 credit to Raw Materials of $111,000
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