Question: Current Attempt in Progress Nash Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost

Current Attempt in Progress Nash Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $942,900. At December 31, 2025, the raw materials to be purchased have a market value of $897,700. In 2026, Nash paid $942,900 to obtain the raw materials which were worth $897,700. Prepare the entry to record the purchase assuming the company uses a periodic inventory system. (List all debit entries before credit

Nash Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $942,900. At December 31,2025 , the raw materials to be purchased have a market value of $897,700, In 2026, Nash paid $942,900 to obtain the raw materlats which were worth $897,700. Prepare the entry to record the purchase assuming the company uses a periodic inventory system. (List all debit entries before credit

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