Question
How do you record these on a journal entry? 3/21/2022 - Orca Company purchased 500 units of inventory from its supplier, on account. The supplier
How do you record these on 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.
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