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Show the debits and credits for the transactions listed below. The accounts to use to fill in the table are as follows: cash, accounts payable,

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Show the debits and credits for the transactions listed below. The accounts to use to fill in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below: Example: Order and receive $4,000 of steel from a supplier (dont pay them yet/will pay them after a month). Debit: Imventory of raw moterial goes up by $4000 Credit: Account payable goes up by $4000 (a) Pay the supplier now. Debit:Credit:goesgoesby$by$ (b) Move the steel ($4,000) onto the shop floor and start fabrication. Debit:Credit:goesgoesby$by$ (c) Incur shop labour costs of $2,000 in making the product and people cash half of their payroll right away. Debit:Credit:goesgoesgoesby$by$by$ (d) Finish fabrication of an item with a cost of $5,000, of which steel cost is $4,000 and shop floor labour is $1,000, and move it to finished product inventory. Debit: goes by $ Credit: goes by $ (e) Sell the material to a customer for $6,000 (Note: $1,000 difference between sales revenue and cost of goods sold). Debit goes by $ goes by $ (d) Finish fabrication of an item with a cost of $5,000, of which steel cost is $4,000 and shop floor labour is $1,000, and move it to finished product inventory. \begin{tabular}{l|ll} Debit: & goes & by $ \\ Credit: & goes & by $ \end{tabular} (e) Sell the material to a customer for $6,000 (Note: $1,000 difference between sales revenue and cost of goods sold). (f) The customer pays ( 30 days later). Debit: goes by $ Credit: goes by $

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