Debit to the 3 inventory accounts and remaining cash and credit to owners equity for 15k? Record

Debit to the 3 inventory accounts and remaining cash and credit to owners equity for 15k?

 

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Record the owner's investment in the company inventory. On July 1, 2017, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process, and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account. Record the owner's investment in the company inventory. On July 1, 2017, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process, and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account.

Answer rating: 100% (QA)

Solution Date 01Jul 17 Journal Entries Particul... View the full answer