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What is the journal entry for the following transaction? On Jan. 1, 2017, XYZ Co. purchased 100 widgets at $5 each. The purchase was done

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What is the journal entry for the following transaction? On Jan. 1, 2017, XYZ Co. purchased 100 widgets at $5 each. The purchase was done on account. On Jan. 15, 2017, XYZ Co. sold the same 100 widget for $10 each. The sale was for cash. Prepare the journal entry for both Jan. 1 and Jan. 15

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