Prepare general journal entries for the following transactions of Eva Inc.:Eva Inc. is a retail store had the following sales and purchase transactions in January. January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc. offered credit terms of 1/10, n/30.January 5: Eva Inc. purchased 200 units of inventory from its supplier at $40 per unit on credit. The supplier offered credit terms of 1/10, n/30January 6: Customer returned 20 units and received full credit.The units were returned to inventory.January 7: Eva made its payment to its supplierJanuary 10: Eva received the payment in full, less the returned items.

Name: Prepare general journal entries for the following transactions of Eva
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Description: Prepare general journal entries for the following transactions of Eva Inc.:Eva Inc. is a retail store had the following sales and purchase transactions in January. January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc

Journal entry: It is prepared to record the financial and non financial transaction of the business…

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Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Prepare general journal entries for the following transactions of Eva Inc.:

Eva Inc. is a retail store had the following sales and purchase transactions in January.  

January 3: Sold 100 units of inventory at $80 per unit. Cost of $40 per unit. Eva Inc. offered credit terms of 1/10, n/30.
January 5: Eva Inc. purchased 200 units of inventory from its supplier at $40 per unit on credit. The supplier offered credit terms of 1/10, n/30
January 6: Customer returned 20 units and received full credit.
The units were returned to inventory.
January 7: Eva made its payment to its supplier
January 10: Eva received the payment in full, less the returned items.

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