Accounting records for Jim's Shopping Bags yield the following data for the year ended December 31, 2008.

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Requirements

1. Journalize Jim's inventory transactions in the perpetual system.

2. Report ending inventory on the balance sheet, and sales, cost of goods sold, and gross profit on the income statement.

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Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

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Question Posted: May 10, 2024 01:49 AM

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Accounting records for Jim's Shopping Bags yield the following data for the year ended December 31, 2008.

Question:

Inventory, December 31, 2007. $ 8,000 Purchases of inventory (on account). 49,000 Sales of inventory-80% on account; 20% for cash (cost $41,000)................ Inventory, December 31, 2008. 75,000 ?

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Accounting

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