Journalize Transactions
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Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of the goods sold is $630. Both companies use perpetual inventory systems.
How would you journalize the transactions on the books of both companies?
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The expert examines journalize transactions.
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Journal Entry in books of Prior Company
Debit Merchandise Inventory : $900
Credit Accounts Payable: $900
(for ...
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