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23. - Company W purchased inventory for $60,000 and paid $20,000 in cash, with the remaining amount on credit. -
23.
- Company W purchased inventory for $60,000 and paid $20,000 in cash, with the remaining amount on credit.
- Calculate the amount owed to the supplier and record the journal entry for the inventory purchase. Discuss the impact of inventory management on working capital.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
978-0324300987
