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Holiday Stores Inc. purchased 600 Chocolate Bunnies for Easter on March 1st for a total cost of $1,200. The store sold 350 Bunnies prior to
Holiday Stores Inc. purchased 600 Chocolate Bunnies for Easter on March 1st for a total cost of $1,200. The store sold 350 Bunnies prior to Easter for $5 each. After Easter the remaining bunnies could only be sold for $1.50 each due to a severe drop in demand. a) Prepare a journal entry to reflect that the current Sales Price had dropped to $1.50. b) What is the balance in the Inventory ledger account after the journal entry? Holiday Stores Inc. purchased 600 Chocolate Bunnies for Easter on March 1st for a total cost of $1,200. The store sold 350 Bunnies prior to Easter for $5 each. After Easter the remaining bunnies could only be sold for $1.50 each due to a severe drop in demand. a) Prepare a journal entry to reflect that the current Sales Price had dropped to $1.50. b) What is the balance in the Inventory ledger account after the journal entry? Cor the toolbar roce ATC10 DC or ATLEML10 Mc
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