During the current year, the Jordan family trust, an inter vivos trust, has business income of $220,000. Of this amount, $50,000 is retained in the trust with a joint election….
Did the secretary use inventory as described in Chapter 4?
Mackalya is an office secretary at the “All American Office Products Company.” This Company sells office supplies and office equipment. The secretary fills the copy machine with paper. Did the secretary use inventory as described in Chapter 4? If Mackalyadid not use inventory, what did she use? What is inventory? Suppose Mackalya was out of paper in the office; so she went out into the sales area of the facility and took 8 boxes of paper from the sales area and brought them back to use in the office. What journal entry should be made. When a Company sells inventory, the dollars leave the inventory account and go to what account? Make sure to answer all parts of this question.