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Assume World Company Buys Compact Disks at a Unit Cost

question 123

Essay

Assume World Company buys compact disks at a unit cost of $10 and sells them at a unit price of $13. There was no beginning inventory. Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: $\begin{array}{l}\begin{array} { | l | l | } \hline \text { Account Name } & \text { Account Code } \\\hline \text { Inventory } & \text { A } \\\hline \text { Purchases } & \text { B } \\\hline \text { Cost of Goods Sold } & \text { C } \\\hline \text { Sales Revenue } & \text { D } \\\hline \text { Cash } & \text { E } \\\hline\end{array}\\\\\end{array}$

$Assume World Company buys compact disks at a unit cost of $10 and sells them at a unit price of $13. There was no beginning inventory. Provide the journal entries required below by entering the account code of the appropriate account and the amount for each debit and credit: \begin{array}{l} \begin{array} { | l | l | } \hline \text { Account Name } & \text { Account Code } \\ \hline \text { Inventory } & \text { A } \\ \hline \text { Purchases } & \text { B } \\ \hline \text { Cost of Goods Sold } & \text { C } \\ \hline \text { Sales Revenue } & \text { D } \\ \hline \text { Cash } & \text { E } \\ \hline \end{array}\\\\ \end{array}$

Definitions:

System Contains

Referring to the components, elements, or processes that are included within a defined system.

Average Number

A measure of central tendency calculated by summing all numbers in a set and then dividing by the count of those numbers.

Computing

The process or practice of utilizing computer technology to complete a task or solve a problem, involving both hardware and software components.

Customers

Individuals or businesses that purchase goods or services from a company.