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1.On October 6, 2013, the Elgin Corporation signed a purchase commitment to purchase inventory for $60,000 on or before March 31, 2014. The company's fiscal year end is December 31. The contract was exercised on March 21, 2014, and the inventory was purchased for cash at the contract price. On the purchase date of March 21, the market price of the inventory was $54,000. The market price of the inventory on December 31, 2013, was $56,000.The company uses a perpetual inventory system.Required:1. Prepare the necessary adjusting journal entry (if any is required) on December 31, 2013.2. Prepare the journal entry to record the purchase on March 21, 2014.
1. you may have shopped at a ronnys store. suppose ronnys purchased t-shirts on account for 18130. credit terms are 315
on august8 2007 zz inc. purchased 5000 shares of ez company stock for18 per share. the following information relates to
a sample of 45 overweight men participated in an exercise program. at the conclusion of the program 32 had lost weight.
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What are some different ways to convert from accrual to cash accounting?
During the current year, the cost of direct materials purchased by a manufacturing firm was $340,000, and the direct materials inventory increased by $20,000. What was the cost of direct materials used during the year?
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For 2009, PMD Inc. had set the following standards for production of metal tables: 35 pounds of iron at a standard cost of $2.60 per pound. During June the company produced 300 tables. The company bought 10, 625 pounds of iron at a cost of $25,500..
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