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Inc a technology company that designs, manufactures, and sells wearable devices with software and services to help customers reach their health and fitness . During
Inc a technology company that designs, manufactures, and sells wearable devices with software and services to help customers reach their health and fitness . During fiscal 2018. Fitbit purchased invertory costing 1,273,132 (thousands$) Assume Fitbit makes all purchases on credit and its accounts payable is only used for inventory purchases. The following T-accounts information contained in the company's fiscal 2017 and 2018 balance sheets ($thousands)
Inventories 2017 Bal. 173,453 2018 Bal. 174,819 Accounts Payable 297,823 2017 Bal. 352,320 2018 Bal. Record the following journal entries: (a) Record Fitbit's 2018 purchases. (b) Record cash paid to suppliers during its fiscal year 2018. (c) Record cost of goods sold for its fiscal year 2018. Account Debit Credit (a) 0 0 Step by Step Solution
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