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f. Monthly Inventory Entries - Record each entry based on amounts in Sections A through D above. Acct. Titles Debit Credit First purchase of 115
| f. Monthly Inventory Entries - Record each entry based on amounts in Sections A through D above. | ||||
| Acct. Titles | Debit | Credit | ||
| First purchase of 115 units. | ||||
| inventory | 11,040 | |||
| cash | 11,040 | |||
| Second purchase of 175 units. | ||||
| inventory | 17,850 | |||
| cash | 17,850 | |||
| Sale of 350 units on account at $180 each; terms 2/10, n/30. | ||||
| Be sure to use the inventory costing method chosen in Section E. | ||||
| sale units | ||||
| Granted $350 of sales allowance to a customer. | ||||
| Received payment from sales above within the discount period. | ||||
| Completed physicial inventory, and recorded $725 adjustment for | ||||
| inventory shrinkage. | ||||
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