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Newton Manufacturing had the following transactions for the month of March. Newton uses the perpetual inventory system. Mar 1 Bought $ 7 , 4 0

Newton Manufacturing had the following transactions for the month of March. Newton uses the perpetual inventory system.


Mar 1 Bought $7,400 worth of inventory on account.
Mar 2 Sold products for $6,620. The customer paid cash.
Mar 2 COGS for the above sale total $3,972.
Mar 4 Anna invested $7,400 into the business.
Mar 6 Received $3,600 cash from a customer for products that will be delivered next month.
Mar 10 Prepaid insurance for $1,410 for one year.
Mar 14 Paid a suppler for supplies bought on account for $530.
Mar 19 Sold products for $5,190 on account.
Mar 19 COGS for the above sale total $3,114.
Mar 22 Obtained a $7,600 loan from the bank.
Mar 24 Collected the $5,190 owing from the sale on the 19th.
Mar 25 Purchased equipment with $7,200 cash.
Mar 26 Paid salaries with $1,160 cash.
Mar 27 Paid $760 towards the principle of the bank loan.
Mar 28 Anna withdrew $1,020 cash for personal use.
Mar 28 Accrued intersest on the bank loan for $76 which will be paid next month.

Prepare the journal entries for the above transactions.

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Here are the journal entries for the transactions of Newton Manufacturing for the month of March 1 March 1 Bought inventory on account for 7400 Journal Entry Inventory Asset 7400 Accounts Payable Liab... blur-text-image

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