For Each of the Following Economic Events, Prepare the Necessary

question 16

Essay

For each of the following economic events, prepare the necessary journal entries.If no entry is required, explain briefly.Assume a perpetual inventory system.
A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
C) Inventory worth $2,000 is damaged in the warehouse and written off.
D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
E) Paid the amount owing from this month's purchases of inventory.
F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

• A) Opening inventory is recounted and confirmed to be $8,500.B) Inventory costing $14,000 is purchased on credit.
• C) Inventory worth $2,000 is damaged in the warehouse and written off.
• D) Inventory costing $16,000 is sold during the month for $22,000.$4,000 was received in cash and the balance is on account.
• E) Paid the amount owing from this month's purchases of inventory.
• F) A month end count reveals 1,000 units on hand.The cost of these units is $4,000 and the net realizable value is estimated to be $4,700

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Definitions:

Dreams Nature

Pertains to the inherent characteristics, meanings, or functions of dreams, often analyzed in psychological or neuroscientific contexts.

Prospective

Relating to or effective in the future; likely to happen or to be concerned with what is to come.

Compensatory

Refers to mechanisms or behaviors aimed at offsetting deficiencies or disadvantages.

Western Culture

A social and cultural tradition originating from Western Europe and broadly influencing the Americas, Australia, and parts of Asia, characterized by emphasis on individualism, democracy, and scientific progress.