Use the following information for the Quick Study below. (Algo) (11-14) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $22 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $8.00 cost 20 units @ $14.00 cost 15 units @ $16.00 cost

Q: How would we prepare a journal entry for an unrecorded and unpaid entry?

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Q: Explain open accounts and notes.

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Q: Recording transations in the general journal. I have a specific homework assignment.

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Q: Explain an example of post the journal entries to the T-accounts.

A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…

Q: Can you show steps on how you got the answers?

A: Workings:

Q: Explain an example how to record the transaction in journal.

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A: Answer:- false .

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Q: Hi there, what would the remain T accounts look like?

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A:

Q: What would the journal entry be?

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Q: Hi can u post this transaction for me please ( the current Answers are wrong)

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Q: where in quickbooks will i enter it

A: In the Quickbooks, entry as per solution has to be done but the process of recording is as below:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.