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Principles Of Accounting Volume 1
Review the following situations and record any necessary journal entries

Review the following situations and record any necessary journal entries for Nine Lives Inc. Jan. 15 Jan.

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Review the following situations and record any necessary journal entries for Nine Lives Inc.

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Jan. 15 Jan. 23 Nine Lives Inc. purchases $8,770 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $345 cash. Terms of the purchase are FOB Shipping Point. Nine Lives Inc. sells $4,520 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Nine Lives of $3,600. Shipping charges are an extra $190 cash. Terms of the sale are FOB Destination.

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Jan 15 Debit Merchandise Inventory 8770 Credit Cash ...View the full answer

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Related Book For answer-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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Question Posted: Aug 11, 2022 02:34 AM

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