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Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7

Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 6PA: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to...
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Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7
Transcribed Image Text:Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7
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