Introduction to Financial Accounting (ACCT 220) Chapter 2 In Class Problem 3 For each of the following transactions, provide the appropriate journal entry: The transactions all refer to a corporation (Matador Inc.) that makes widgets. The following events all occurred during the month of January 2023. 1/1/23: Matador Inc. purchased
$12,000
of raw materials that will be used to produce widgets. They received the raw materials and a bill requiring repayment in ten days. Journal Entry Debits Credits
((1)/(1))
Checks: Debits=Credits? Assets
=
Liabilities + Shareholders Equity?

Question

Introduction to Financial Accounting (ACCT 220) Chapter 2 In Class Problem 3 For each of the following transactions, provide the appropriate journal entry: The transactions all refer to a corporation (Matador Inc.) that makes widgets. The following events all occurred during the month of January 2023. 1/1/23: Matador Inc. purchased

$12,000

of raw materials that will be used to produce widgets. They received the raw materials and a bill requiring repayment in ten days. Journal Entry Debits Credits

((1)/(1))

Checks: Debits=Credits? Assets

=

Liabilities + Shareholders Equity?

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