Phillips Company engaged in the following transactions during the month of August Prepare journal entries for each transaction a…

Phillips Company engaged in the following transactions during the month of August Prepare journal entries for each transaction a…

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Phillips Company engaged in the following transactions during the month of August Prepare journal entries for each transaction
a Phillips borrowed $560,000 from RBC.
b. Phillips purchased $239,000 worth of inventory from Jackson Corporation on the account
c. Phillips sold the entire inventory purchased in transaction b for $500,000 on the account.
d. Phillips paid salaries to its employees of $109,000. No previous accrual had been made for salaries
e Philips repaid a loan $ 100,000

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SOLUTION Here are the journal entries for each transaction a
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