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Required information [ The following information applies to the questions displayed below. ] At the beginning of November, Yoshi Inc. ' s inventory consists of
Required information
The following information applies to the questions displayed below.
At the beginning of November, Yoshi Inc.s inventory consists of units with a cost per unit of $ The following transactions occur during the month of November.
November Purchase units of inventory on account from Toad Inc. for $ per unit, terms
November Pay cash for freight charges related to the November purchase, $
November Return defective units from the November purchase and receive credit.
November Pay Toad Inc. in full.
November Sell units of inventory to customers on account, $
Hint: The cost of units sold from the November purchase
includes $ unit cost plus $ per unit for freight less $ per unit for the purchase discount, or $ per unit.
November Receive full payment from customers related to the sale on November
November Purchase units of inventory from Toad Inc. for $ per unit, terms
November Sell units of inventory to customers for cash, $
Required:
Assuming that Yoshi Inc. uses a FIFO perpetual inventory system to maintain its internal inventory records, record the transactions. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Record purchase of units of inventory on account from Toad Inc. for $ per unit, terms
Note: Enter debits before credits.
tableDateGeneral Journal,Debit,CredittableNovember
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