Question
7. Assume that a town purchases $11,000 of supplies on account toward the end of the year. A year-end audit reveals that $3,000 of the
7. Assume that a town purchases $11,000 of supplies on account toward the end of the year. A year-end audit reveals that $3,000 of the inventories remain unused.
Required: Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry, assuming that the purchases method is used.
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Cost Accounting Planning And Control
Authors: Milton F Usry
9th Edition
053801881X, 978-0538018814
