Question
McNeil, inc manufactures and sells guitars. During June, McNeil started and completed the production of 300 guitars. McNeil engaged in the following transaction in june:
McNeil, inc manufactures and sells guitars. During June, McNeil started and completed the production of 300 guitars. McNeil engaged in the following transaction in june:
A) Paid $68,000 for materials that were used to make guitars in June.
B) Paid $94,000 wages to production workers
C) Recorded $34,000 of depreciation on factory equipment
D) Sold 260 guitars on account in June for $900 each. Mcneil recorded the cost of goods sold at the time of sale.
Required: record the above transactions using the horizontal financial statements model. Be sure to identify the specific accounts affected by the transaction.
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