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Raw Materials Inventory Journal Entries.
The balance in Sedona Company's raw materials inventory account was $110,000 at the beginning of September. Raw materials purchased during the month totaled $50,000. Sedona used $17,000 in direct materials and $8,000 in indirect materials for the month.
Required:
a. Prepare separate journal entries to record the following items:
b. Prepare a T-account for raw materials inventory and include the beginning balance for September. Post the appropriate items from the journal entries in part a to this account, and calculate the ending balance in raw materials inventory.
You have saved $3,000 for a down payment on a new car. The largest monthly payment you can afford is $450. The loan would have a 11% APR based on end-of-month payments.
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A leader not only stays above the line between right and wrong, he stays well clear of the gray areas."
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