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Grouper Company buys merchandise on account from Monty Company for $568. Grouper sells the goods to Ellis for $864 cash. Use a tabular summary
Grouper Company buys merchandise on account from Monty Company for $568. Grouper sells the goods to Ellis for $864 cash. Use a tabular summary to record the transactions for Grouper Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets Liabilities Cash Stockholders' Equity Retained Earnings Inv. Accts. Pay. Common Stock Rev. Exp. Sales revenue Accounts receivable Bad debt expense Cost of goods sold Sales returns & allowances
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