Entries for Periodic and Perpetual Systems Rajiv Co. had an inventory of $110,000, December 31, 20X7. Data
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Entries for Periodic and Perpetual Systems Rajiv Co. had an inventory of $110,000, December 31, 20X7. Data for 20X8 follow:
Gross purchases $960,000 Cost of goods sold 890,000 Inventory, December 31, 20x8 100,000 Purchase returns and allowances 80,000 By using the data, prepare comparative journal entries, including closing entries, for both a perpetual and a periodic inventory system.
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Related Book For 
Introduction To Financial Accounting
ISBN: 0131479725
9th Edition
Authors: Charles T Horngren, John A Elliott
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