Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Can you show me how to work this prob

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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