Company received an allowance of $ 5 0 0 for unsatisfactory inventory that was purchased on credit.

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Company received an allowance of $

500

for unsatisfactory inventory that was purchased on credit. What is the correct journal entry? Show your calculations.

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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Posted Date: Mar 19, 2024 12:47 AM

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Company received an allowance of $ 5 0 0 for unsatisfactory inventory that was purchased on credit.

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Expert Answer:

To record the allowance for unsatisfactory inventory you would use the following journal entry 1 ... View the full answer

College Accounting

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