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Inc. entered into the following transactions relating to notes payable:
Sept. 1 Purchased inventory costing $48,000 by signing an 8-month, 6% note payable.
Nov. 1 Purchased inventory costing $30,000 by signing a 1-year, 7% note payable.
Required:
Question 1: Using the following general journal, prepare journal entries to record the above transactions.
Question 2: Assuming Inc. has a December 31 year end, prepare a adjusting entries needed for the accrual of interest. For ease of computation assume that Inc. calculates interest expense based on the number of months, outstanding, rather than the number of days.
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On October 1, 2006, Marble Company had 400,000 shares of $2 par common stock issued and outstanding. Prepare the shareholders' equity section of Marble's balance sheet at September 30, 2007.
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On January 31, 2011, we elected to change our costing method for the material component of raw materials, work in process, and finished goods inventory to the lower of cost or market using the first-in first-out (“FIFO”) method, from the lower of cos..
The lower-of-cost-or-market rule can be applied to
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