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Cash $ 2 8 , 3 4 0 Accounts Receivable 1 2 , 3 1 0 Allowance for Doubtful Accounts 9 8 0 * Inventory
Cash $ Accounts Receivable Allowance for Doubtful Accounts Inventory Deferred Revenue units Accounts Payable Notes Payable longterm Common Stock Retained Earnings credit balance. The following information is relevant to the first month of operations in the following year: JXM will sell inventory at $ per unit. JXMs January inventory balance consists of units at a total cost of $ JXMs policy is to use the FIFO method, recorded using a perpetual inventory system. In December, JXM received a $ payment for units JXM is to deliver in January; this obligation was recorded in Deferred Revenue. Rent of $ was unpaid and recorded in Accounts Payable at December JXMs notes payable mature in three years, and accrue interest at a annual rate. Sales of units of inventory occurring during the period of are recorded on The sales terms are n Record the cost of the units sold. Sales of units of inventory during the period of with terms n are recorded on Record the cost of the units sold. Of the sales recorded on units are returned to JXM on The inventory is not damaged and can be resold. JXM charges sales returns to a contrarevenue account. Record the return of the units to inventory.
Cash $
Accounts Receivable
Allowance for Doubtful Accounts
Inventory
Deferred Revenue units
Accounts Payable
Notes Payable longterm
Common Stock
Retained Earnings
credit balance.
The following information is relevant to the first month of operations in the following year:
JXM will sell inventory at $ per unit. JXMs January inventory balance consists of units at a total cost of $ JXMs policy is to use the FIFO method, recorded using a perpetual inventory system.
In December, JXM received a $ payment for units JXM is to deliver in January; this obligation was recorded in Deferred Revenue. Rent of $ was unpaid and recorded in Accounts Payable at December
JXMs notes payable mature in three years, and accrue interest at a annual rate. Sales of units of inventory occurring during the period of are recorded on The sales terms are n Record the cost of the units sold. Sales of units of inventory during the period of with terms n are recorded on Record the cost of the units sold. Of the sales recorded on units are returned to JXM on The inventory is not damaged and can be resold. JXM charges sales returns to a contrarevenue account. Record the return of the units to inventory.
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