Question
On July 1, 2017, you, the business owner, invested $15,000 of your own money in the business to purchase inventory owned by a small manufacturer.
On July 1, 2017, you, the business owner, invested $15,000 of your own money in the business to purchase inventory owned by a small manufacturer. The manufacturer you purchased had $800 in raw materials inventory, $1,200 in work in process, and $500 in finished goods inventory. The remainder of the unspent cash was deposited into the company's cash account.
What would the journal entry for this look like?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
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