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Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7

Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7
Transcribed Image Text:Use lean accounting to prepare journal entries for the following transactions. 1. Purchased $22,500 of raw materials on credit. 2. Applied conversion costs of $67,500. 3. Incurred actual conversion costs of $67,500. Credit "Various Accounts." 4. Sold $120,000 of goods on credit. 5. Recorded cost of goods sold of $90,000. View transaction list Journal entry worksheet < A B C D E Purchased $22,500 of raw materials on credit. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit 7
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