Business, 13.10.2021 04:30 liapis2002

During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of cocoa beans at $1.00 per pound, delivery to be made in the spring of 2020. Because a record harvest is predicted for 2020, the price per pound for cocoa beans had fallen to $0.80 by December 31, 2019. Of the following journal entries, the one that would properly reflect in 2019 the effect of the commitment of R Corp. to purchase the 100,000 pounds of cocoa is: Debit Credit a. Inventory 100,000 Accounts Payable 100,000 b. Inventory 80,000 Loss on Purchase Commitments 20,000 Accounts Payable 100,000 c. Loss on Purchase Commitments 20,000 Accrued Loss on Purchase Commitments 20,000 d. No entry would be necessary in 2019.

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During 2019, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of...

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