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Hairanoia sells industrial-strength hairdryers to professional
Hairanoia sells industrial-strength hairdryers to professional hairdressers. They began the
2013 fiscal year with $4,500 in inventory.
On March 5, 2013, Hairanoia purchased $5,000 of inventory on credit.
On May 9, 2013, Hairanoia sold 10 hairdryers to Shear Madness for $4,500. The client paid
in cash. The inventory cost the company $300 per unit.
a) Assuming that Hairanoia uses a perpetual inventory system, record the J/E for March 5.
DR. Inventory 5,000
CR. Accounts payable 5,000
b) Assuming that Hairanoia uses a perpetual inventory system, record t
This question was answered on: Feb 21, 2020
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