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12 The accounting records of Seattle Outlet include the following for January: ed out of Sales Purchases Sales Discounts Freight - In Purchase Retums and

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12 The accounting records of Seattle Outlet include the following for January: ed out of Sales Purchases Sales Discounts Freight - In Purchase Retums and Allowances $326,000 260,000 6,000 14.00CM 2,000 an A physical count determined the cost of inventory on hand at January 31 to be $42,000. If gross profit amounts to 25% of net sales, compute the beginning inventory at January 1. Select one: a. $10,000 b. $26,000 c. $8,000 d. $24,000 e. $6,000 estion 13 st yet Indicate the proper journal entry to record payment of an Account Payable from an inventory purchase: swered sints out of 00 - Flag question Select one: a. Debit Cash, credit Inventory b. Debit Accounts Payable, credit Cash c. Debit Inventory, credit Cost of Goods Sold d. Debit Accounts Payable, credit Cost of Goods Sold e. Debit Inventory, credit Cash

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