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A company has beginning inventory of 2 units at 10/each. Inorder: A purchase of...

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Accounting

A company has beginning inventory of 2 units at 10/each. Inorder: A purchase of 3 units at $13.00/each and then purchased 10units at $15.00 each. The company sold 11 units at $25.00/each (oncredit). Book all entries assuming FIFO. The terms were 2/10, N30.The customer paid within 5 days.

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Journal Entries Transaction Account Title and explanation Debit Credit 1 Merchandise inventory 39 Cash 39 3 Units purchased at rate of 13 1    See Answer
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Transcribed Image Text

In: AccountingA company has beginning inventory of 2 units at 10/each. Inorder: A purchase of 3...A company has beginning inventory of 2 units at 10/each. Inorder: A purchase of 3 units at $13.00/each and then purchased 10units at $15.00 each. The company sold 11 units at $25.00/each (oncredit). Book all entries assuming FIFO. The terms were 2/10, N30.The customer paid within 5 days.

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