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What are the journal entries for the following? Company purchased inventory on credit (with accounts payable), cost of $330,000. Company made credit sales (with accounts
What are the journal entries for the following?
- Company purchased inventory on credit (with accounts payable), cost of $330,000.
- Company made credit sales (with accounts receivable), amount of $200,000.
- Company collected accounts receivable, amount of $100,000.
- Company hired a new assistant store manager. He will start in June 2020.
- Company made cash sales, amount of $100,000.
- Company paid off accounts payable in the amount of $300,000.
- Company counted inventory at year-end, and found that the inventory sold cost $200,000.
- Company paid $21,000 in salaries in cash.
- Company paid $5,000 for interest on the note payable (Noncurrent).
- Company recognized $7,000 in depreciation on the Property, Plant and Equipment.
- Company pays income taxes at a rate of 21%. It uses an income tax payable account now, and will pay cash in the future.
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