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North Company is preparing the annual financial statements dated December 3 1 , 2 0 2 3 . In formation about inventory stocked for regular

North Company is preparing the annual financial statements dated December 31,2023. In formation about
inventory stocked for regular sale follows:
a. Compute the valuation for the December 31,2023, inventory using the lower of cost or market basis.
Make nccessary adjusting journal entry(ies)
b. Sold 15 units of Item A at $25 each and written-ofr 5 units of Hem D. Make necessary journal entrice.
Make necessary entries for the following.
a) $500 receivables of xYZ Co. is proved to be doubtful which $200 of it is granted portion.
xYZ Co. collected $450 and the rest is proved to be uncollectable.
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