Question
How do you record the following entry? 12/28 Received inventory item 1005 (30 units at $250 plus shipping of $15) from MNO Inc. on account.
How do you record the following entry?
12/28 Received inventory item 1005 (30 units at $250 plus shipping of $15) from MNO Inc. on account. Watson Sales uses a perpetual inventory system. [Hint: Shipping is part of the cost of inventory. This is important now and later for Cost of Goods Sold.]
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Capital Market Instruments Analysis And Valuation
Authors: M. Choudhry, D. Joannas, G. Landuyt, R. Pereira, R. Pienaar
3rd Edition
0230576036, 9780230576032
