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purchase house for $25 the house value is $22 what is the adjust entries
During the prior fiscal year, Nina corp signed a long-term noncancellable purchase commitment with its primary supplier to purchase $25 of raw materials.
Nina Paid $25 to axquire the raw materials when the raw materials wer only worth $22. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? |
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