For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales,
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For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers and explain the change in each account shown. All dollars are inmillions.
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Situation Cost of Goods sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease Suppliers Cash Paid to 200 200 200 200 200 14 14 (14) 4
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Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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