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General Motors Company had the following transactions in January 2024: Purchased raw materials for $80,000 on account. Paid $30,000 in cash for utilities. Sold products
General Motors Company had the following transactions in January 2024:
- Purchased raw materials for $80,000 on account.
- Paid $30,000 in cash for utilities.
- Sold products for $150,000 on account, with a cost of goods sold of $90,000.
Prepare the journal entries for these transactions and explain their impact on the company's financial statements.
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