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help me please Inventory at the beginning of the year cost $12,500. During the year, the company purchased (on account) inventory costing $79,500. Inventory that
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Inventory at the beginning of the year cost $12,500. During the year, the company purchased (on account) inventory costing $79,500. Inventory that had cost $75,500 was sold on account for $91,400. At the end of the year, Inventory was counted and its cost was determined to be $16,500. . Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the inventory purchased of $79,500 on account. Note: Enter debits before credits. Journal entry worksheet Record the sales revenue of $91,400 on account. Note: Enter debits before credits. Journal entry worksheet Record the cost of goods sold of $75,500. Note: Enter debits before credits Step by Step Solution
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