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Journal Entry Help for Milestone 1:

Customer Deposits

https://www.wikihow.com/Account-for-Customer-Deposits

Consignment inventory:

Your pulling the inventory out of inventory and putting it into consignment inventory:

http://simplestudies.com/accounting-for-consigned-goods.html/page/2

Disposal of fixed assets: See examples in book for this week’s lesson (week 3) and the videos I post on Tuesday. Your hint is other receivables should be a debit of $700 dollars.

Buying the inventory with shipping costs:

Note: Where does the shipping cost go in the example below……

https://courses.lumenlearning.com/suny-finaccounting/chapter/journal-entries-for-inventory-purchases-and-sales/

Other comments: Interest Expense and Insurance Expense are not part of your journal entries. They are information that will be used in your management letter.

You will submit an excel spreadsheet and a word document with this assignment. To get the detailed questions for the management letter look at the grading rubric.


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