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Assume that a hospitality operation uses a perpetual inventory system. Name the accounts affected by the following transactions and specify whether the effect is an
Assume that a hospitality operation uses a perpetual inventory system. Name the accounts affected by the following transactions and specify whether the effect is an increase or a decrease. a. Liquor sales for the day total $525, $400 of which was paid in cash with the balance charged to guests' open accounts. b. A storeroom purchase of liquor totaling $725 is charged by the operation to an open A direct purchase of liquor totaling $67 is made. Check number 978 is issued upon d. Issues from the liquor storeroom for the month total $1,525, account purchase
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