Answered step by step
Verified Expert Solution
Question
1 Approved Answer
how do i put these into a journal entry? 3/21/2022 Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered
how do i put these into a journal entry?
3/21/2022 Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered Orca Company a price of $65 per unit. Orca Company adopted the FIFO Method of inventory. 3/21/2022 Orca Company negotiated a Promissory Note with the customer which purchased inventory on 3/4 ($4,000 balance). The note has terms of 6% interest owed in 6 months 3/23/2022 Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raised its price to $100 per unit for the inventory Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started