On July 1, 2017, you, the business owner, invested $15,000 of your own money in the business to purchase inventory owned by a small manufacturer. The manufacturer you purchased had $800 in raw materials inventory, $1,200 in work in process, and $500 in finished goods inventory. The remainder of the unspent cash was deposited into the company's cash account.

What would the journal entry for this look like?

Answer rating: 100% (QA)

The journal entry for this transaction would be Date July 1 2017 Desc... View the full answer