Answer:
Journal entries for ABC Store's
inventory 38,000
account payable 38,000
to record purchase of 2,000 books
account payable 1,900
inventory 1,900
to record return of 100 damaged books
Explanation:
Requirement 1 journalize ABC Store's
We need to journalize base on ABC store. Assuming perpetual inventory.
ABC purchased 2,000 books at $19 each total 38,000
we increase our inventory for the amount purchased and also declare the liability, as those book were not paid right away
later it return 100 books the cost is $19 each total 1,900
this decrease the ammount due to Rainforest and also decrease the inventory
Answer:
The correct answer is B.
Explanation:
The FASAB (Federal Accounting Standard Advisory Board) is a commitee that develops accounting standards for U.S government agencies, not for not profit entities, for all governmental entities or non-federal governmental entities.
B being featured on the evening news
