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FunLand Inc. is a retailer of toys and games. FunLand's beginning inventory is $192,000 and its purchases during the year are $600,000. Its ending inventory
FunLand Inc. is a retailer of toys and games. FunLand's beginning inventory is $192,000 and its purchases during the year are $600,000. Its ending inventory is $72,000. Make the closing entries necessary given that FunLand uses a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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