Financial Accounting > QUESTIONS & ANSWERS > ACCT 212 Week 5 Homework. DeVry University, Chicago ACCT 212 212 . (All)
ACCT 212 Week 5 Homework. DeVry University, Chicago ACCT 212 212 .
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Explanation 1a: This exercise is not concerned with the costing method of inventory; the amounts are given. What is important is that you know how to record the inventory transactions. The first tran... saction is the purchase of inventory on account. "On account" indicates that the monetary transaction will come later. The asset account is increased as is the liability account. Record the first transaction of the purchase of inventory on account [Show More]
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