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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 In formation about
inventory stocked for regular sale follows:
a Compute the valuation for the December inventory using the lower of cost or market basis.
Make nccessary adjusting journal entryies
b Sold units of Item at $ each and writtenofr units of Hem D Make necessary journal entrice.
Make necessary entries for the following.
a $ receivables of Co is proved to be doubtful which $ of it is granted portion.
Co collected $ and the rest is proved to be uncollectable.
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