Rite Shoes was involved in the transactions described below. 1. Purchased $10,000 of inventory on account....

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Rite Shoes was involved in the transactions described below. 1. Purchased $10,000 of inventory on account. 2. Paid weekly salaries, $1,100. 3. Recorded sales for the first week Cash: $8,900. On account $7,100. 4. Paid for inventory purchased in event (1) 5. Placed an order for $8,000 of inventory. Required: Prepare the appropriate journal entry for each transaction. Rite Shoes was involved in the transactions described below. 1. Purchased $10,000 of inventory on account. 2. Paid weekly salaries, $1,100. 3. Recorded sales for the first week Cash: $8,900. On account $7,100. 4. Paid for inventory purchased in event (1) 5. Placed an order for $8,000 of inventory. Required: Prepare the appropriate journal entry for each transaction.

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Here are the appropriate journal entries for each transaction 1 Purc... View the full answer