Debit to the 3 inventory accounts and remaining cash and credit to owners equity for 15k? Record
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Record the owner's investment in the company inventory. On July 1, 2017, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process, and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account. Record the owner's investment in the company inventory. On July 1, 2017, you, the company owner, have invested $15,000 of your own money into the business in order to purchase the inventory owned by a small manufacturer. The manufacturer you bought out had $800 in Raw Materials Inventory, $1,200 in Work in Process, and $500 in Finished Goods Inventory. The remainder of the cash that was not spent was put into the company's cash account.
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
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