Recording an Inventory Purchase FSET Shields Company has purchased inventories incurring the following costs (a) the invoice amount of $660, financed through a $550 note with the remainder paid in cash, the shipping charges of $33 on account (0) interest of $11 accrued on the $550 borrowed to finance the purchase, and (d) 19 on account for the cost of moving the inventory to the company's warehouse a. Determine the cost to be assigned to the inventory. b. Record the transactions using the financial statement effects template Note: Use negative signs with your answers, when appropriate Transaction & Purchase inventory Shipping charges Interest on note Cash Asse Noncash Asset Balance Sheet Liabilities Contributed Capital 05 Earned OV Revenues SSSS 64 Income Statement SMSS Net Income

Recording an Inventory Purchase FSET Shields Company has purchased inventories incurring the following costs (a) the invoice amount of $660, financed through a $550 note with the remainder paid in cash, the shipping charges of $33 on account (0) interest of $11 accrued on the $550 borrowed to finance the purchase, and (d) 19 on account for the cost of moving the inventory to the company's warehouse a. Determine the cost to be assigned to the inventory. b. Record the transactions using the financial statement effects template Note: Use negative signs with your answers, when appropriate Transaction & Purchase inventory Shipping charges Interest on note Cash Asse Noncash Asset Balance Sheet Liabilities Contributed Capital 05 Earned OV Revenues SSSS 64 Income Statement SMSS Net Income

Name: Recording an Inventory Purchase FSETShields Company has purchased inv
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Description: Recording an Inventory Purchase FSETShields Company has purchased inventories incurring the following costs (a) the invoice amount of $660, financed through a $550 note with the remainder paid in cash, (b) shipping charges of $33 on account, (c)inte

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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