ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
4th Edition
ISBN: 9781618533128
Author: Halsey
Publisher: Cambridge Business Publishers
Question
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Chapter 7, Problem 65P
To determine

Prepare journal entries to record the transactions given below:

  1. a. Purchase of cotton
  2. b. Sale of cotton futures contract
  3. c. Adjusting entry at Dec 31
  4. d. Sale of cotton on June 1

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