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Purchased 100 Widgets for resale on account in the amount of $125,000 ($1,250 each). How do...

Purchased 100 Widgets for resale on account in the amount of $125,000 ($1,250 each). How do I enter this in a general ledger?

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Answer #1

Answer:- Journal Entry:-

Purchases (100 Widgets) A/c Dr.                         $125000

     Accounts payable A/c                                                          $125000

(Being 100 widgets purchased on credit)

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