1. Purchased $9,400 of inventory on account. 2. Paid weekly salaries, $1,040. 3. Recorded sales for...

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1. Purchased $9,400 of inventory on account. 2. Paid weekly salaries, $1,040. 3. Recorded sales for the first week: Cash: $8,300; On account: $6,500. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,400 of inventory. 1. Purchased $9,400 of inventory on account. 2. Paid weekly salaries, $1,040. 3. Recorded sales for the first week: Cash: $8,300; On account: $6,500. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,400 of inventory.

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Lets go through each transaction step by step 1 Purchased 9400 of inventory on account Increase in i... View the full answer