Question: Make the general journal entries They begin the month with 2,000 pounds of raw coffee bean inventory ($7.00/Lb) and 1,500 onepound packages in inventory at
They begin the month with 2,000 pounds of raw coffee bean inventory ($7.00/Lb) and 1,500 onepound packages in inventory at $1.50 / package. December 1 - He makes a payment on his Loan Payable of $14,000($5,930.58 is interest and the rest is principle). He pays with check # 1301 . - December 2 - Purchased 5,600 pounds of raw coffee beans for $42,000. He paid the vendor 1/2 the amount in cash and will pay the other half next month. He pays with check # 1302 . - December 3 - Purchased 4,000 one-pound packages for $5,500 (he pays the vendor $3500 in cash and will pay the rest next month). He pays with check #1303. - December 5 - Pays his employees $21,500 for wages earned and recorded in November. He pays by automatic withdrawal from his checking account
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