Question: how do I record these on a journal entry March 21st, 23rd 3/21/2022 Orca Company purchased 500 units of inventory from its supplier, on account.
how do I record these on a journal entry
March 21st, 23rd
| 3/21/2022 | Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered Orca Company a price of $65 per unit. Orca Company adopted the FIFO Method of inventory. |
| 3/21/2022 | Orca Company negotiated a Promissory Note with the customer which purchased inventory on 3/4 ($4,000 balance). The note has terms of 6% interest owed in 6 months |
| 3/23/2022 | Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raised its price to $100 per unit for the inventory. |
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