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How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
Updated: 11/23/2022
Wiki User
∙ 9y agoBest Answer
debit owners equity 70000
credit inventory 70000
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∙ 9y agoThis answer is:
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Earn +20 ptsQ: How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
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How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
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