Prepare journal entries for each of the transactions. 1.Record the purchase of inventory of $24,000 on account. 2. Record the payment for inventory in full. 3. Record the borrowing of $80,000. 4.Record the purchase of inventory of $8,000 on account. 5. Record the payment for inventory in full. 6. Record the collection of eight months' rent in advance amounting to $8,000.

Prepare journal entries for each of the transactions. 1.Record the purchase of inventory of $24,000 on account. 2. Record the payment for inventory in full. 3. Record the borrowing of $80,000. 4.Record the purchase of inventory of $8,000 on account. 5. Record the payment for inventory in full. 6. Record the collection of eight months' rent in advance amounting to $8,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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