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Forrest's Crab House Purchased Florida Stone Crab on Account on November

Question 61

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Forrest's Crab House purchased Florida stone crab on account on November 10, 2017, for a gross price of $87,000. Forrest also purchased farm-raised catfish on account on November 11, 2017 for a gross price of $25,000. Forrest paid for the first purchase on November 19, 2017, and for the second purchase on November 30. If he uses the perpetual inventory method, which of the following journal entries would Forrest make for November 30?
a.
 Inventory 25,000Accounts Payable 25,000\begin{array}{lrr} \text { Inventory } &25,000\\ \text {Accounts Payable } &&25,000\\\end{array}


b.
 Accounts Payable25,000 Cash 25,000\begin{array}{lrr} \text { Accounts Payable} &25,000\\ \text { Cash } &&25,000\\\end{array}

c.
 Accounts Payable 25,000 Cash24,500Inventory500\begin{array}{lrr} \text { Accounts Payable } &25,000\\ \text { Cash} &&24,500\\\text {Inventory}&&500\end{array}

d.
Accounts Payable 24,500 Cash 24,500\begin{array}{lrr} \text {Accounts Payable } &24,500\\ \text { Cash } &&24,500\\\end{array}

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