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Question - Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5.
Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit.
Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7.
A company can invest in only one of two projects, A or B. Each project requires a $20,000 investment and is expected to generate end-of-period.
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blue co. has a patent on a communication process. the company has amortized the patent on a straight-line basis since
Identify and list the errors in the income statement.
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Textra Plastics produces parts for a variety of small machine manufacturers. Compute the plantwide overhead rate using direct labor hours as the base.
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