Question
General Motors Company had the following transactions in January 2024: Purchased raw materials for $85,000 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 $85,000 on account.
- Paid $30,000 in cash for utilities.
- Sold products for $200,000 on account, with a cost of goods sold of $95,000.
Prepare the journal entries for these transactions and explain their impact on the company's financial statements.
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
