Nicks Fish Market purchased Maine lobster on account on October 10, 2017, for a gross price of
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Nick’s Fish Market purchased Maine lobster on account on October 10, 2017, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 2017, for a gross price of $36,000. Nick paid for the first purchase on October 20, 2017, and for the second purchase on October 30, 2017. He uses the perpetual inventory method.
Prepare journal entries for each transaction.
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1010 Inventory A 76000 Accounts Payable L 76000 Purchased inventory on account 1011 Invent...View the full answer
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