The following inventory transactions occurred at Erill, Inc. Erill uses a perpetual inventory system.
Record the appropriate journal entry for each of these transactions for Erill.
Definitions:
Financing Activities
Activities that result in changes in the size and composition of the contributed equity and borrowings of the entity, as shown in its cash flow statement.
Callable Bonds
Bonds that can be redeemed by the issuer before their maturity date at a predetermined call price.
Redeemed
Refers to the repayment or buyback of securities, such as bonds or preferred stocks, before their maturity.
Price Level
The average of current prices across the entire spectrum of goods and services produced in the economy.
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