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This company uses the periodic method of accounting for inventory. Make sure you date your journal entries: Yolk Inc. purchases merchandise on June 5th.
This company uses the periodic method of accounting for inventory. Make sure you date your journal entries: Yolk Inc. purchases merchandise on June 5th. This invoice is for $6,000 and the terms are FOB Shipping Point. The goods are shipped on June 7th and arrive on June 9th. The shipping costs are $500. Prepare the required to journal entries to record this purchase of inventory.
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Financial Accounting
Authors: Belverd E. Needles, Marian Powers
11th edition
1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010
