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Hahn Flooring Company uses a perpetual inventory system. a. The inventory account has a balance of $677,500, while physical inventory indicates that $664,400 of merchandise
Hahn Flooring Company uses a perpetual inventory system. a. The inventory account has a balance of $677,500, while physical inventory indicates that $664,400 of merchandise is on hand. Assume any shrinkage is a normal amount. b. Sales refunds and allowances of $94,000 and merchandise returns of $49,550 are estimated for the current year's sales. Journalize the December 31 adjusting entries based on the above transactions
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