DE9-3 Rugged River Outfitters purchased inventory costing $85,000 and sold half the goods for $103,000, with all
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DE9-3 Rugged River Outfitters purchased inventory costing $85,000 and sold half the goods for $103,000, with all transactions on account. Journalize these two transactions under the perpetual inventory system. How much gross profit did Rugged River earn on these sales? Which statement reports the gross profit?
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Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones
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