ROTAVAIT 2. January 1-You have a beginning balance in inventory of $100,000 (10 items). During the year you purchase an additional 5 items for $12,000 each with terms of 50% down and the balance due next year. You sell 13 items during the year for $20,000 each. Customers paid you 60% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions.

ROTAVAIT 2. January 1-You have a beginning balance in inventory of $100,000 (10 items). During the year you purchase an additional 5 items for $12,000 each with terms of 50% down and the balance due next year. You sell 13 items during the year for $20,000 each. Customers paid you 60% at the time of purchase and the remaining balance will be paid next year. Using FIFO, prepare the journal entries and t-accounts related to these transactions.

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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