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40Journal Entries, Periodic Inventory System Consider the following data taken from the adjusted trial balance of the Newport Boat Company, December 31, 20X3 ($ in
40Journal Entries, Periodic Inventory System
Consider the following data taken from the adjusted trial balance of the Newport Boat Company, December 31, 20X3 ($ in millions):
Purchases (on account)$140Sales (on account)$239Sales returns and allowances5Purchase returns and allowances6Freight in (paid in cash)14Cash discounts on sales8Cash discounts on purchases1Other expenses80Inventory (beginning of year)25
Prepare summary journal entries. The ending inventory was $35 million.
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