Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000

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Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000 on December 31, 20X1. Sales were $1,200,000. Prepare summary journal entries for 20X1 for sales and cost of goods sold (omit explanations).

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Introduction to Financial Accounting

ISBN: 978-0133251036

11th edition

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

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Question Posted: Feb 20, 2015 09:46 AM

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Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000

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The entries could be compounded or consolidated into one entry Accounts receivable or Cash 1...View the full answer

Introduction to Financial Accounting

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