Review the following situations and record any necessary journal entries for Lumber Farm. Feb. 13 Feb. 19
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Review the following situations and record any necessary journal entries for Lumber Farm.
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Feb. 13 Feb. 19 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $210 cash. Terms of the purchase are FOB Destination. Lumber Farm sells $5,670 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Lumber Farm of $2,200. Shipping charges are an extra $230 cash. Terms of the sale are FOB Destination.
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Here are the journal entries for the transactions described F...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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